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 noon hour on the East Coast. The most active call is the 497strike while the most active put is the 496 strike. 5 call strikes from 496 to 500 have traded over 100,000 contracts each. 4 put strikes from 494 to 497 have also traded more than 100,000 contracts.
The takeaway is the new trend is a market that is for sale and we are seeing this in the options work again today.