Options Market Commentary

Equities are getting hit today as tech weakness continues to drag the overall market lower. Currently, the S&P is -1.7%, the Russell is -1.9%, and the Nasdaq is -2.8% as stocks are currently on lows. Selling is mostly across the board though growth is seeing outsized losses especially in big cap tech with NVDA -7%, AAPL -3.7%, and AMZN -4.3%. Energy is in the red with WTI Crude -.15% and Energy ETFs both down approximately .6%. Bonds are little changed. Gold is unchanged though the miners are up slightly. Volatilities are moving higher on the selloff with the VIX +14% to 20.71, RVX +11% to 24.24, and VXN +13% to 27.58.

ETF 30D Volatility Changes

SPY:        +8%

IWM:       +7%

QQQ:      +7%

Directional Options Strategies

Bullish Option Strategies

AAPL 6,000 Nov 23^rd 195 call options trade (ref. 188.81)

NIO Buyer 2,000 Dec 8 – 10 call options spreads (ref. 7.72)

CIEN Buyer 5,000 Nov 30^th 34 call options (ref. 33.14)

JD Seller 40,000 Jan 31 call options (closing) to Buy 36,668 Mar 26 call options (rolls out and down, ref. 21.75)

GE Buyer 30,000 Jan20 10 call options (ref. 8.04)

Bearish Option Strategies

AMD Buyer 6,000 Nov 23^rd 18 put options (ref. 19.86)

NOW Seller 6,000 Dec 190 call options (ref. 163.67)

MRK Buyer 9,300 Jan 75 call options (closing) to Sell 9,300 Jan 77.5 call options (rolls write, ref. 75.95)

KO Buyer 10,700 Jan 50 call options (closing) to Sell 10,700 52.5 call options (rolls write up, ref. 50.37)

VZ Buyer 11,000 Jan 60 call options (closing) to Sell 11,000 Jan 62.5 call options (rolls write up, ref. 60.71)

PYPL Seller 8,200 Dec 90 call options (opens write, ref. 82.29)

MAT 21,500 Dec 12 and Jan21 10 put options trade (ref. 13.44)

ESV Buyer 10,000 Jun 6 put options (ref. 6.41)

STZ Buyer 29,000 Jan 195 put options tied to stock (ref. 194.71)

Macro Options Strategies

Bullish Option Strategies

SPY Buyer 10,000 Dec 280 call options (ref. 271.81)

EEM Buyer 12,000 Dec 43 – 50 call options spreads (ref. 40.52)

Bearish Option Strategies

HYG Buyer 10,000 Mar 78 put options (ref. 83.03)

HYG Buyer 20,000 Apr 82 – 77 put options spreads (ref. 83.02)

SPY Buyer 20,300 Dec 31^st 253 put options (ref. 271.92)

EWJ Buyer 5,552 Dec 52.5 put options (ref. 54.64)

USO Seller 35,000 Jan 11.5 put options (closing) to Buy 35,000 Jan 11 put options (ref. 11.92)

QQQ Seller 30,000 Dec 138 put options (closing) to Buy 30,000 Jan 131 put options (ref. 162.69)

Finance Trades Options Strategies

HYG 20,000 Dec 7^th 90 RevCons trade (ref. 82.96)

Upcoming Earnings

Volatility Standouts