Heavy trading in SPDR 500 Trust puts
Heavy trading in SPDR 500 Trust puts. The ETF up $2.80 to $268.12 and Oct 26th 250 puts trade across the exchanges for 10, 11 and 12c per contract. A firm is buying-to-open, according to ISEE data, and a total of 46K trade against 11K open interest. The put buying opens positions struck almost 7% below spot and expiring tomorrow (likely a play on a GDP report Friday morning). Separately, 14.4K Nov 255 - 260 put spreads trade 92c and seems closing, or a roll down of long puts after recent weakness in the S&P. The largest blocks are part of a three-way spread: 42.8K Nov 55 puts for $2.51, 30K Nov 240 puts at 91c, and 13.8K Nov 267 puts for $5.97 and apparently a position adjustment (rolling a long vertical or long puts down strikes). Total volume through thirty minutes lopsided 3:1 at 617K puts and 202K calls. 30-day implied volatility down 6.5% to 19.5 after a 23% spike Wednesday.