Too Many Options: $GDX, $IWM, $BAC, $EWJ, $C

by Enis July 15, 2013 8:44 pm • Commentary

On the lowest volume day in the SPY since May 6th, most option volume was concentrated in ETFs.

  1. GDX – Large buyer of the GDX Aug 24 puts, paying 1.25 average price for over 110k throughout the day.  The low on GDX for the year is $22.21.
  2. IWM – 126k of the Sept 107 calls traded throughout the day at an average price of 1.44, more initiated by the buyer.  IWM is up 8 straight days, to new all time highs once again.
  3. BAC – The weekly 14 calls were the most active line, trading around 65k (vs. open interest of 224k) ahead of earnings on Wednesday morning.  BAC approached its May high at 13.99, but did not breach it today.
  4. EWJ – Possible seller to close of more than 140k of the Jul 12 calls around 0.0775 average price.  EWJ is 3% from its high of the year.
  5. C – Following earnings, the Jan14 40 puts were the most active line (108k of open interest).  Looks like the biggest print was a seller to close of 14,500 of the puts at 0.65.