Option Millionaires

[jimmybob]

Massive short-term spread opened in the SPYders
Massive short-term spread opened in the SPYders. The Aug 26th 205 - 215 put spread for 43c, 50000X. The new position represents $1.1B in notional value and likely a short-term hedge. The max payout happens if shares stumble 6.2% to $205, or worse, by the end of next week. Another notable spread in the ETF printed midday when 28K Dec 210 puts were bought for $4.76 and 41K Dec 195 puts sold at $2.26, vs. 310K shares, and likely a hedging strategy as well