We are moving our late morning comments on SPY Daily Options to our Substack commentary from Erlanger Research and Good Morning Wall Street. We are still doing an early commentary on those sites but the more useful commentary is waiting to noon to see where the bets are being made.
Today we see heavy call and put action as we approach the 1:30 p.m. EST hour on the East Coast. The most active call is the 497 strike while the most active put is the 496 strike. 6 call strikes from 499 to 505 have traded over 100,000 contracts each. 7 put strikes from 497 to 491 have also traded more than 100,000 contracts.
Thursday we noted, “The takeaway is the new trend is a market that is for sale and we are seeing this in the options work again today” That is working so far today. Watch to see if traders try to take it up into the close.
Today SPY is holding around 495 after a morning high of 497. The day began at 498.