Too Many Options – $FXI, $SPY, $EEM, $TLT, $WHR

by Enis June 24, 2013 6:09 pm • Commentary

CBOE put/call ratio was down to 1.01, on the low end for June so far.  Options volume still dominated by macro trades.

  1. FXI – Buyer of more than 100k of the August 37 calls for 0.08 to open, a bit of a lottery ticket with FXI at multiyear lows.
  2. SPY – The July 156 puts traded over 100k at an average price of 2.91.  Implied vol for that strike was slightly lower on the day despite the market’s weakness.
  3. EEM – Put to call ratio very elevated again, almost reaching 3 today.  A lot of July put buying, with the July 35 put strike the most active.
  4. TLT – Option volumes double the 1 month average.  The July 112 put traded over 50k at an average price of $3.82, likely sold to close based on open interest.
  5. WHR – Option volumes 3.5 times their 1 month average.  Stock has declined 15% in just the past 4 trading days.