Dan Nathan Sees Unusual Options Activity In SPDR S&P 500 ETF Trust

On CNBC's Options Action, Dan Nathan said that he noticed a bearish options trade in SPDR S&P 500 ETF Trust SPY when it traded close to its highs. A trader bought 80,000 contracts of the June 5 weekly 209/206 put spread for $0.35. The trade breaks even at $208.65 and it can maximally gain $2.65 or $21.2 million. The trader is risking $2.8 million, betting that the SPDR S&P 500 ETF Trust is going to trade below $208.65 at next Friday expiration. It has to close at or below $206 for the trader to achieve the maximal gain.