138,000 $SPY May 166.5 Puts Traded With 25k Open After Friday's Big Trade, These Options Expire In Three Days

Wow, what the flip are these $SPY options doing? They expire in three days (May 24). On Friday, 135,000 SPY May 165 puts traded with 43,921 of open interest, and now there are 165,327 contracts open. And today (Tuesday), 138,000 SPY May 166.5 puts traded with 25,813 open. $SPY closed at 167.11, up 0.11%. Fed Chairman Ben Bernanke testifies before the Joint Economic Committee tomorrow and the Fed releases the minutes of its May 1 meeting. It would be interesting if the market kept hyperinflating this week. I noted in my previous post that $SPY's put/call ratio has been rising with $SPY since the beginning of May.

image snapshot of optionmonster.com

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