Here are some of the unusual option trades last week.
Today was the first trading session of the week where the market didn't obey the rules. Instead of closing smack in the middle of the daily range, the $SPY closed sharply lower. But in 2015 fashion the market was able to spike higher into the close to finish OTL -off the lows.
There were quite a few option trades that had my attention today. I shared most of them in the News portion of the chat room. I'll go over them as well as others that have piqued my interest below. During market hours I post them right as they occur outside of the main chatroom to keep it clean and it also helps keep a nice record of the data. Some of the bigger, more important trades I post in both chatrooms.
As the VIX rockets out of "The Wedge" trader(s) position for increased volatility. How bout them VIX June and July 20's?
For the WYNN
How bout them $WYNN calls? Quite a few in the chat room had them from pennies to dollars. The $107 strike was $.05 offer all week and soared to $2.74 today.
Let's get into today's option action.... Some individual names. Bullish action first
Today's trading session eerily resembled yesterdays. Stocks started the day lower, rallied until mid-day and gave back 50% of that intra-day rally into the close. As JB aptly put it in his wonderful $YELP piece today, it was like Deja Vu all over again for the market.
If you missed yesterdays Option Recap you missed the unusual $LLY activity right near the close. Those options rallied over 100% after today's open as $LLY literally fell out of bed.
That $INTC trade I'm sticking in is beginning to hit paydirt. What else was going on today? I've got a lot more to share today than I did yesterday..... if that can be considered an answer.
While there was Interesting option activity in many names today, one really grabbed my interest. Most of the action is trading for a move to occur over the next few months meaning time is on our side.
Over 70% of options were purchased at the ask. I like seeing that type of action, as it highlights some impatience and/or confidence that these options are going to turn a profit.