Last week was 20,500 contracts at 170 (put side favored). They did about a 12% on the volatility last Thursday/Friday - I know cuz I piggybacked the puts. Today those puts are flat from last week.
Today, there is a play at 175 involving 87,500 contracts. They expire next week and those puts cost $21+ each at an IV of almost 60!!!!!!!!!!!!!!!!!!!!!!!!!
Sentiment: Strong Sell
Been watching volumes....all of these plays are still there and expire today. The 175's are down about $1 each. April VIX calls have been holding up pretty well despite this week's run also.....hmmm.
Cmon CPI of .4 less food and energy...that'll get 'em nervous about the fed's punchbowl being drained.
And another: 8000 at 169 - again no bid on the calls........
All expire next week. Hmmmmm.
And the calls, all 87500 of them are no bid . Certainly whomever is putting the trade on has a reason for doing both sides, I just do not see it.
you will soon. I could be very very wrong, but IMO no sell off will mean BIG Buys because know it all smart money is short at these levels.