Thursday, May 24, 2007
S&P 500 Puts
Just a brief note here on the purchases of SPX July puts. Volume on the SPX July 1500 puts has been above 10,000 contracts for 5 of the last 6 sessions including today. Prior to that there was little focus on using these July puts. Just some hedging ahead of the holiday weekend? I imagine interest has picked up because the recent expiration of May contracts, but would have thought the heavy hedging that's already taken place in the June SPX's would have been sufficient.