The top options trades so far today are in the SPYders (SPY), which are trading up 50 cents to $131.48. It’s a three-way spread, in which the strategist sold Sep 144 calls to buy the Sep 120 – 128 put spread, 30000X on PHLX. $1 was paid on the package and appears to be a new position. An investor might have initiated the spread as a hedge, or it might be an outright bearish bet on the S&P. Max profit is at $120 per share or less at expiration, which represents a market decline of 8.7 percent or more through mid-September.
Category: All ETFs
About the Author (Author Profile)
Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.