Billy, thanks for calling attention to this and here is one possible explanation. It could have been a bet on QE3 and/or ECB action. A selloff in the near-term may indicate the long side did not get what they wanted there. Or, possibly, someone knows something about upcoming changes in Argentinian politics.
There was also a little activity in the Jan 2014 $18 and $20 strikes, but nothing hear 9,000+ contracts.
Head, Unbelievable! Mario Draghi and the ECB at this point have ZERO credibility as all of the promises of last week have been nothing more than conjecture at the very best. The Germans are against turning the ESM into a banking mechanism and buying sovereign debt as the inflation shows up on their balance sheet as well with higher oil prices etc.
On the initial statement that the key interest rate in Europe was to be unchanged, the Euro rallied sharply higher. However, Mr. Draghi’s press conference which started a few minutes ago the price action has come tumbling down in the EUR/USD currency pair and sits basically unchanged from yesterday after all the wild action this morning.
At the moment equity futures are getting clubbed and the EUR/USD has traversed all the way back down and into the red. The Russell 2000 futures are getting absolutely crushed and commodities by and large are trading to the downside.