Someone just bought $1.3M worth of $SPY Puts with a 555 strike?!?! SPY is trading at 765 right now... x.com/CheddarFlow/status/20923…
· 113K Views
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Someone just bought $1.3M worth of $SPY Puts with a 555 strike?!?! SPY is trading at 765 right now... x.com/CheddarFlow/status/20923…
· 113K Views
@CheddarFlow 555 puts on $SPY are so far OTM they're pure lottery tickets. That size is a cheap hedge, not a directional bet. Dealers pocket that premium and keep pinning spot higher.
@CheddarFlow $SPY BULLS WE WILL TAKE THAT PREMIUM September calls 770 heavy
Here's the print: See flow like this at cheddarflow.com x.com/CheddarFlow/status/20923…
@CheddarFlow OMG! OK, it's happening. x.com/LibertyWitness/status/20…
@CheddarFlow It was me, just a pocket change on a deeply out of the money put bet
@CheddarFlow Yeah the puts keep piling up tens of millions of dollars and yet it's stuck here at 765 I guess it's just not ready to decide what to do yet
@CheddarFlow They were closing a position that was sold a long while ago. Bullish
@CheddarFlow It’s a short-term play that implied volatility increases substantially in the next few weeks. This would 3-4X very quickly with limited expiration or time value risk.
@CheddarFlow Interesting flow. A $1.3M put position definitely gets attention, but the key is understanding whether it’s a hedge or a directional bet. Appreciate insights like this from you and @notyasminee.
@CheddarFlow There is similar volume in the 535 put, same expiration. Maybe it’s part of a spread?
@CheddarFlow That’s an easy one the Democrats went back the Congress in the midterms and they impeach Trump nobody to pump the market anymore
@CheddarFlow Hedge against a half billion dollar spot purchase on dark pools probably 🙄
@CheddarFlow we both know that's a hedge... why you farming cheddar