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It started two hours after the market opened and it stopped around lunch time. In the span of an hour someone was going coo coo for Cocoa puts. Spoiler alert... they weren't buying puts on Cocoa, but they were going coo coo, as in hitting the ask with seemingly reckless abandon. Patience was not a virtue for this put buyer. With the spread at bid $.15 ask $.60 the buyer was picking up all he/she could handle at $.60. These options expire in March and up to today had zero open interest. No one wanted to buy these puts, and no one wanted to sell them.
All together someone bought more than $240,000 of far out of the money options, in a bet on significant downside within the next month. This trade brings back memories of the $LNCO trade in January 2013. A giant unusual option trade that made little sense at the time ended up making the trader millions of dollars.
Is that what we will see with this unusual trade?
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