SPDR 500 Trust (SPY) adds $1.73 to $125.68 and a Dec [QTRLY] Dec 90 103 115 put fly trades on the ETF at 50 cents, 41500X. The spread has traded more than once and volume in the 103 strike is now 167,257 and the most actively traded options contract today. The action probably closes out positions opened in late-September when the same spread was bought for 85 cents, 89000X (see 9/20 color). Shares are up 3.8 percent since that time and the 115 leg of the spread is now 8.5 percent out-of-the-money. The position is probably being liquidated on diminishing concerns about additional losses for the equity market through yearend.