Options volume was led by some SPDR Financial Select Sector Fund ETF (XLF) put action. XLF tried to get going last week and failed miserably.
As such, the put buyers came in and bought the January 24 Put for $0.15 as well as the October 27 Put for $0.10 and the January 27 Put for $0.48. There was no offsetting call action against this trade so it is probably a hedge but clearly someone is concerned.
General Electric (GE) which fell -3.74% and is back under $12 saw October $12 and $10 puts purchase for $0.48 and $0.04. A call buyer did purchase the March $14 calls for $0.30.
Last the United States Oil Fund (USO) October $14 and $15 calls were active for $1,31 and $0.56. Some think that oil is going to continue to ramp higher. We think that is not likely but will watch this closely as we trade oil in our newsletter Gold & Energy Options Trader.
We note the Brother Najarians highlighted Spotify (SPOT) October $185 Calls for $3.20 to $3.35 and bought them. The volume they identified was only 5,000 options.
We think this is a bad idea as the stock popped on the Sirius (SIRI) buyout of Pandora (P). Time will tell but a break of $175 would send the price back to $150.