Bullish and bearish spreads in SPYders, including large flies
Bullish and bearish spreads in SPYders, including large flies. The biggest is 50K Aug 8th 287.5 - 288 call spreads for a nickel and, with shares up $1 to $285.64, expresses the view that the market will rally another .8%, pushing SPY to $288 or better, through the end of business tomorrow. Separately, 25K Aug 283 - Sep 290 call spreads sold at $1.80 and 15K Aug 286 - 292 call spreads at 32c - both of those spreads probably roll long calls to Sep from Aug, up in strike price. Meanwhile, some players are buying SPY put butterfly spreads along different expiration cycles: 16K Sep 250 - 260 - 270 at 23c, 16K Sep 14th 250 - 260 - 270 for 17c, 16K Sep 7th 250 - 260 - 270, 16K Aug 24th 250 - 260 - 270 flys for 6c - all of these spreads are targeting an 8.8% drop to $260 per share.