Too Many Options: $SPY, $VIX, $EWJ, $IWM, $TLM

by Enis October 9, 2013 4:59 am • Commentary

Traders were totally focused on macro instruments, with very large volumes in SPX and SPY options, and lower than normal volumes in single stock options.

  1. SPY – Volumes were about 75% higher than the 1 month average.  Put volumes almost double.  The Oct18th 160 put traded almost 200k times (367k of open interest), and the Oct18th 164 put traded over 100k times (205k of open interest)
  2. VIX – Volume was about 3x the 1 month average.  Nov 14 put was the most active, trading 93k at an average price of 0.227.  The Jan14 24 calls traded over 80k at an average price of 1.83, mostly buyer initiating in the afternoon.
  3. EWJ – The Nov 11 puts traded around 200k for the second straight day.  Buyer paid 0.16.
  4. IWM – Volumes almost 2x the 1 month average.  The Oct18th 105, Oct18th 102, and Oct18th 99 puts all traded over 50k on the day.  IWM closed just below its 50 day ma.
  5. TLM – Carl Icahn announced a stake in TLM after the close on Oct. 7th.  Despite opening higher on Tuesday because of that news, TLM actually ended the day lower on huge volume.  However, the stock had already rallied from around a $10 low in August.  The Jan14 14 calls and the Oct 13 calls both traded over 20k on the day.