“The $5 million bet against the S&P 500″

Here’s an item from CNBC: The $5 million bet against the S&P 500

• Wednesday, one trader placed a massive bearish bet on the SPDR S&P 500 ETF
• $5.4 million trade will only pay off if stocks fall more than 3 percent over the next seven sessions
• At about noon ET, a buyer initiated the purchase of 43,830 weekly 195-strike puts expiring on January 23 for $1.23 per share
• Given that each options contract controls 100 shares of the ETF, this trader is laying out $5.39 million in total
• In order for this trader to make money, the SPY would need to fall below $193.77 by a week from Friday, a 3 percent decline. … over the next seven sessions

more at the link

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What say ForexLive? Is he (or she) onto something?