The S&P 500 is pausing after a big run, but one investor expects a strong end to the year.
optionMONSTER’s Heat Seeker monitoring program detected a large bullish call buy in the SPDR S&P 500 exchange-traded fund, which tracks the index. More than 60,000 December quarterly calls were purchased for $0.99 against previous open interest of just 3,383 contracts. The options expire on Dec. 31, and are different from the standard monthlies that run out on Dec. 21.
SPY rose 0.37 percent to $141.19 in late morning trading and is hovering near its highest price since June 2008, shortly before the subprime meltdown since the market tumbling.
— Option Monster