SPDR 500 Trust (SPY) loses 32 cents to $133.82, as the highly-anticipated Greek elections have thus far triggered minimal reaction in the US equity market. While the pro-bailout New Democracy Party won an important victory, the news was offset by a spike in Spanish bond yields amid reports of an uptick in bad loans at Spanish banks. SPY is drifting lower and early trades on the ETF include a 20,000-lot of Jun 125 Quarterly puts, sold at 30 cents, and possibly a liquidating trade. An investor is perhaps closing a hedge, as the contract is 6.6 percent OTM and expires at the end of the month. Delta is -.08 and 21,000 now traded against 107K in open interest. Overall, trading is active in SPY to start the week. 114,000 calls and 183,000 puts in the first 15 min.
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.