On CNBC's "Options Action," Bonawyn Eison spotted some unusual activity in SPDR S&P 500 ETF Trust SPY on Wednesday.
There was a buyer of 100,000 of the September weekly 395 calls at an average price of $2.50 per contract, Eison said. Traders expect SPDR S&P 500 to rally into Friday’s close, he added.
Check out other assets making moves in the premarket.
“This looks like a bullish call but if you look at the open interest, it’s about 150,000,” Eison stated. “Most of these trades are actually risk-reducing or closing risk,” he further mentioned.
SPY Price Action: The SPDR S&P 500 gained 0.38% to settle at $394.60 on Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.