Bean Option From Jon Karmin From Yesterday Afternoon

From yesterday afternoon …

 

It was only a matter of time but bean vol got smoked yesterday.  It started during the overnight session and continued through the day session but it was very difficult to sell any premium unless you were very aggressive and just hit the bids.  Many locals were raising the white flag and proclaiming no mas.  Unfortunately I don’t see much chance of an uptick in vol until traders start to look at the September report which has a history of surprises and is now only a couple of weeks away.  However, of note is the downward put skew which does remain very steep and in my opinion provides some  opportunity if postured correctly.

 

VOLS > OCT 18.5 down 1.5/ NOV 19.75 down .875/ JAN 18.5 down .5/ MCH 18 down .5

 

STRADDLES > OCT 1020 43-44.5/ NOV 1020 65-66/ JAN 1040 88-89.5/ MCH 1040 104-106

 

JP Morgan Bot 250 Mch 1340 Calls 1.375

Rand Sold 300 Nov 1080 Calls 14.25/ Bot 90 Nov futures 1032

FI Sold 500 May 1100 Puts 83.25-83.5

FI Sold 200 Jan 960 Puts/ Bot 200 Jan 1100 calls 3 db/ Sold 108 Jan futures 1040

ADM Bot 1250 Jan 1160 Calls 2.375-2.5

Jefferies Bot 1000 Nov15  1300 Calls 9.5/ Sold 100 Nov15 Futures 1044

FI Sold 200 Oct 1000 Puts/ Sold 200 Oct 1080 Calls 17.5 credit

ADM Sold 400 Oct 1080 Calls 5

ABN Bot 1000 Nov 960 puts/ Sold 1000 Nov 1100 calls 4-4.25 db

Macquarie Sold 500 Oct 1000 Puts 13.5/ Sold 150 Nov futures 1024

Obrien Bot 300 Nov 1000 Puts 23

Bunge Bot 200 Jul 1200 Calls 15.25-15.5/ Sold 40 Jul futures 1051

ICAP Bot 1000 Nov 1000 Puts/ Sold 2000 Nov 950 Puts 3.75 db

ABN Sold 500 Nov 1120 Calls 4.5-4.625

ADM Bot 1000 Nov 1140 Calls 3

ABN Sold 600 Nov 1110 Calls 6

DRAX Bot 2750 Jan 1000 Puts/ Sold 1800 Nov 1060 Puts 6.75 db/ Sold 1188 Nov futures 1022/ Bot 1045 Jan futures 1030

ABN Bot 1000 Nov 1010/960 Put spds 15.75-15.875 db/ Bot 200 Nov futures 1022.25

FI Sold 500 Nov 1060/1000 Put spds 30 credit

ADM Sold 300 Oct 1020 Puts 18.75-20.25

Jefferies Sold 600 Nov 1100/1000 Put spds 58.5-60 credit

Obrien Bot 200 Nov 1050 calls/ Sold 200 Nov 1000 Puts 1.5-2 credit

Macquarie Bot 300 Nov 1000 Puts 22.375-22.5

Jefferies Bot 400 Mch 940 Puts/ Sold 800 Mch 900 Puts 1 db

ADM Sold 500 Nov 960 Puts 10.75-11.125

Rosenthal Bot 500 Nov 1140 Calls 2.75

 

Jon Karmin (JSK)/Jeff Pogonitz (POG) Brokerage

 

Data source: Jon Karmin and Jeff Pogonitz bean option brokers