<<<Now why would someone create a put spread so far into the money, where the delta is close to 1 on both sides? I don't get it.>>>
Maybe someone's counting on the stock rising back above 430 before expiration? If they sold the 430s and bought the 420s and GOOG did recover, the options will expire worthless and they pocket a cool grand per contract, and with the ~30,000 contracts just traded...that's a whopping $30 million!!!
Ya think somone knows something, or is this just a relatively low-risk options gamble???
Right. The only possible logical explanation that I could come up with, beyond the pre-arranged deal thesis of the other poster, was an expectation of a radical runup. I didn't mention that because it seems rather absurd at this juncture. It does have the lure of zero downside risk (beyond commissions).
Thanks for your reply . It seems that a run up next 3 days maybe and they can manipulate that ...... as long as no other mm/institution breaks rank and dumps . that they may not be able to control . we will see what unfolds next 3 days ? I have some puts but looking at this scenario ... well anything can happen