Too Many Options $VIX, $EEM, $EFA, $SIRI, $S, $GM, $MTG, $ABX

TheSP500indexclosedatitslowestlevelsinceFebruary21st,andtheDJIAnearedthe16000levelafterfallingall5dayslastweek?

However,CBOEcompositeput/callratiowasquitelow,at0。

77,thoughVIXcallswereveryactiveforprotectiontrades。

1?

VIX?

Over1。

5millionVIXcallstraded,oneofthemostactivedaysofVIXcalltradingintheproductshistory?

VIX30dayimpliedvolneared100,atthehighendofits2yearrange(readourthoughtsonVIXimpliedvolinaCotDpostfrom2。

5weeksago)?

WetookoffourlongVIXstructureforagain?

TheMarch20calls,May20calls,andJul20callsalltradedover150k,andtheMarch17andMarch18callstradedover100k?

Calltoputratiowasover5ontheday。

2?

EEM?

EEMputswereextremelyactiveonceagain,tradingaround2。

5xthe1monthaveragedailyvolume?

Twolargeputrolls?

First,atradersold?

125koftheMarch39。

5putsat1。

24toclose,andbought125koftheApril39putsfor1。

47toopen?

Laterintheday,atradersold98,000June30putsat。

26toclose,andbought80,000oftheSept30putsfor。

62toopen?

EEMlasttradedat30inlate2008/early2009。

3?

EFA?

SimilartoEEM,abigrollofputsfromJunetoSeptemberinEFA,astradersadjustmacropositioninggiventhecontinuedtensionsinUkraine?

Intheafternoon,someone?

sold130,000June45putsat。

06toclose,andbought80,000Sept45putsfor。

34toopen?

$45wasanimportantsupportlevelfrom2010to2012,andEFAhasnottradedbelow$45sincemid-2009。

4?

SIRI?

SiriusstockhasstagnatedsinceitsearlyJanuarypop,whichwasduetoLibertyMediasannouncementofa$3。

68bidtoacquirethestock?

Aftersignificantshareholderopposition,LibertyannouncedonFridaythatithaddroppeditsbid?

Meanwhile,SIRIannouncedaresumptionofitsbuybackprogram?

Thestockbounced2%asaresult?

Around150koftheJan154callstradedforanaveragepriceof$0。

247,mostlybuyerinitiated?

Thebreak-evenlevelonthattradeisaround$4。

25,alevelwhichSIRIhasnottouchedsince2006。

5?

S?

Buyerof50koftheMay9callsfor0。

62toopen?

TheMay11callsalsotraded30kfor0。

19justbeforetheclose?

Thestockisdown18%sofarin2014,afterastellarrunin2013,bothbeforeandafterSoftbanksacquisition。

6?

GM?

Stockrecoveredtocloseinthegreenafterhittinga6monthlowintraday?

The$33。

50-$34supportareaisacrucialspottowatchforGM?

GMwasdownalmost10%ontheweek?

Nonetheless,mostoftheoptionsactivityhasbeenbullish?

TheJune35callstradedalmost30katanaveragepriceof$1。

626,mostlyfromabuyerearlyintheday。

7?

MTG?

Sellerof23koftheJan1510callsat0。

92toclosemidday?

MTGsuptrendhasnotmademuchprogresssinceearlyAugust?

Thestockhasnottradedbelowits200dayma,nowaround$7。

50,sincelate2012。

8?

ABX?

ABXisupalmost20%year-to-date,asthepreciousmetalscomplexremainsstrong?

Sellertocloseofaround20koftheJan1520callsatanaveragepriceof$3。