Big Print in SPYders (SPY). Shares erased early gains and are down 16 cents to $103 midday. In the options, 30000 SPY Nov 95 – 85 put spreads trade for $1.55. It was part of a larger purchase of 50000 for $1.55, according to a floor contact.


Looks like a new position. If so, this investor paid $1.55 (excluding commissions) and has a potential pay-off of $8.45 if the Spiders sink to $85 or less by the November expiration, which represents a move of more than 17 percent. Yikes! It’s probably to hedge a portfolio heading into the historically volatile months of September and October.