Large put fly in the SPDR 500 Trust (SPY). The spiders have given up most of the early mornnig gains and are up 16 cents to $129.77. Meanwhile, a July 123 – 126 – 129 put butterfly is bought at 39 cents, 46000X. 92,000 July 126 puts were sold at 73 cents for the body of the fly. This spread offers a max payoff if shares fall to $126 through the July expiration, which represents a market decline of 2.9 percent over the next 16 days.
Category: All ETFs
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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.