Shares down $2.80, or nearly 5%, to $50.82 at midsession with calls leading puts 5:1 and 82% of today's flow in the October term, including the Oct 55/57.5 and Oct 52.5/60 call spreads
. Largest block was 2483 Oct 52.5/60 call spreads
crossed electronically on the CBOE for $1.92 just after 12:32PM ET when shares were $50.77, with the same spread printing on the ISE at the same time 1241x in flow marked closing customer.
Geman, 1995, "Pricing Catastrophe Insurance Futures and Call Spreads
: An Arbitrage Approach", Journal of Fixed Income, March:46-57
After an impressive rally for gold and gold-related firms, GDX is slightly lower this morning down 14c, or .5%, near $26.00 for a month-to-date gain of nearly $4.40, with a large package trading on the CBOE where a customer sold 25K July 24/26 call spreads
for 1.42 and bought 18500 Aug 27/29 call spreads
, 48c, and 25K Aug 28/30 call spreads
Sep 27 call spreads
bought for $1 - 22K JD Jun 26 - Sep 27 call spreads
bought for $1.
in Verizon as bullish positions are adjusted.
Bullish call spreads
in Overstock as shares advance from 52-week lows.
82.5 call spreads
sold at 50c - 8.2K Exxon Mobile Aug 77.5 - 82.5 call spreads
sold at 50c.
in Marathon Pete with shares at 52-week lows.
Dec 72.5 call spreads
sold at 60c - 5K Cerner Jun 67.5 - Dec 72.5 call spreads
sold at 60c.
Dec 17.5 call spreads
trade $1.40 - 5K Tocagen Jun 10 - Dec 17.5 call spreads
Spot VIX up 2.63 to 18.07 Tuesday after a 2.57 uptick Monday and biggest option trade in the product this morning: 32.6K May - Aug 37.5 call spreads
for 25c, which likely rolls a volatility hedge to August from May.
The stock down 1% to $99.55 and Jun 90 - 95 put spreads trade in small lots at $1.10 while Jun 105 - 110 call spreads
also trade in small lots for $1.45.