Too Many Options: $APC, $CBST, $GM, $INTC, $QCOM, $XLB, $SPY

by Dan December 9, 2013 4:25 pm • Commentary

1. GM – After the close the Treasury Secretary stated that the Govt has officially exited its stake from the bailout during the financial crisis. Prior to the stock closing at new all time highs, options traders continued to set up as they have for most of the way up with bullish action with a couple of rolls up and/or out:

-A trader sold 6700 Dec 37 calls 3.80 to close and bought 8k Jan 41 calls for 1.57 to open.

-A trader sold 4k Jan 40 calls to close at 2.26 and bought 11k Jan 43 calls for .88 to open.

-Another bullish trade where someone sold 4k Jan 39 puts at .80 and used the proceeds to buy 3k Jan 42 calls for 1.27.

2. INTC – Bullish roll up and out in calls, a trader sold  50,700 Dec 25 calls at .30 to close and bought 50,700 Jan 26 calls for .30 to open

3. CBST –  looks like a trader rolled a hedge by selling 11k Jan 65 puts to close and 1k Dec 65 puts to close and bought 12k Jan 60-45 put spreads.

4. XLB –  Looks like a trader clsoed a bearish view in materials sector etf by selling to close  31,500 Jun 37 puts at .54 and the also selling to close 28,500  Jan15 32 puts at .73

5. SPY –  shortly before the closing bell a trader bought 130k Spy Dec quarterly 186/187 call spreads paying .07 to open.  This trade breaks even at 186.07 up about 2.5% on the final tick of trading in 2013.  It also looked like the SPT Dec quarterly 187/188 call spread was bought 75k for .04 to open

6. QCOM – a trader rolled a bullish view up and out by selling 3500 Jan 70 calls at 3.99 to close (there is 40k open interest in that line) and bought 3500 July 77.50 calls for 3.04 to open.

7. APC – options traded 3x average daily volume with a trader rolling out of the Jan 105 calls, selling 31k at .22 to close and bought 13k May 100 calls for 1.93 to open.