Phillips 66 option volume spiked a few mins ago with a large 1×2 trading in which a cust sold 25K jan 49 calls for 4.20 against a buy of 50K Jan 55s for 1.15, crossed on the AMEX, following a sale of 20K Jan 48 calls for 5.10 vs 52.80 stock on NYSE-Arca. Flow appears to adjust call positions opened in October. Since July, open interest in calls on PSX has increased tenfold, with 51% of the 325K call OI in PSX today is in January options- most in the 48 thru 50 strikes.
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Henry Schwartz is the president of Trade Alert LLC, a provider of real-time options analysis tools to leading Wall Street firms. His systems analyze hundreds of thousands of transactions per second to help professionals identify and interpret market activity in real time, supporting informed trading decisions and intelligent idea generation. He has held institutional trading and management roles with Bank of America, Bear Stearns, Salomon Brothers and the Hull Group, and made markets on the CBOE and AMEX floors in the US, and EUREX and MONEP overseas. Prior to founding Trade Alert, he led the electronic market-making group at Bank of America coincident with the launch of the International Securities Exchange. He received his bachelor’s degree in Economics from the University of California, San Diego and his MBA from NYU’s Stern School of Business.