Spy Iv

[MTE]

Quote from BeatingtheSP500:

Well apparently many people thought it was easy money. I could be wrong but it looks like there were 108,000 contracts traded. Lowest price was .72 (!) The 120 strike traded as low as .22 yesterday - I wonder where thats going today (Fri) Quite a few sellers likely thought it was the equivalent of $20 in street, with that kind of volume.
If you are a seller of calls, especially the teenies, you have met your black swan event. As I right this China +9%, FTSE +7 %, UK financial stocks +35%) If you are short financials, and highly levered, this is your black swan event.

For Sep 117 call around 42K traded on the bid and 52K on the ask (the rest traded mid) yesterday. The majority of volume was in the 0.8 to 2.7 range, with a fairly even split between trades on the bid and on the ask. So, I guess, it's hard to argue that there were a lot people thinking easy money.