Tech stocks are up once again – for the 5th day in a row, the longest streak since May – as the business media celebrates FANG’s renaissance (again)…

There’s just one thing that is ‘odd’ about this rally, traders are piling into downside hedges on every uptick in prices…

As Bloomberg notes, options markets suggest a lack of confidence in the rally.

The cost of bearish over bullish contracts in the $13 billion Vanguard Information Technology exchange-traded fund rose to the highest level since late May, even as the fund pared most of its losses in the slump following an all-time high reached in June.

Gaining 20 percent this year, S&P 500 technology companies trade at 17.7 times projected earnings, compared with a five-year average of 15.