Bean Option Recap From Jon Karmin

After making new contract lows early in the night session beans consolidated and closed relatively unchanged.  Unsurprisingly, vol came off its lofty levels of yesterday.  I am still seeing order flow looking toward the downside.  The shorts in this market have become so formidable that I am growing weary of another flush down until we can shake some of them out.  I have evened up somewhat and will be looking to sell into a short covering rally if it happens.  It is a lot riskier to be short down here after this break than it was last week.  Long term traders will be able to weather a rally and come out on top down the road but the next leg will take some work.  SV vol 20 down 1.5, SX vol 21 down .75, SZ 20 down .5, SF 19.25 down .375, SH 18.75 unch.

 

Straddles

SV 940 14.5-16

SX 940 45.5-46.5

SZ 940 59-61

SF 940 73.5-74.5

SH 960 91.5-93

 

Jefferies bot 400 Jan 1100 Calls 2.375

JP Morgan Sold 250 May 1040 Calls 20.875-21

JP Morgan Sold 250 Mch 1040 Calls 14.375

Rosenthal Sold 350 Nov 1100/1000 Put spds 96 credit

Obrien Sold 500 Jan 920 Puts/ Sold 500 Jan 960 Calls 55-56.5

Rosenthal Bot 500 Jul 900 Puts / sold 1000 Jul Corn 350 Puts 12.5 credit

JP Morgan Sold 500 Mch 1000 Calls 23.5-24.5

ADM Bot 500 Nov 900 Puts 10.875-11.25

Rosenthal Sold 500 Nov 920/860 put spds 12 credit

Tenco Sold 500 Nov 920 puts 15.75/ Bot 500 Dec MEAL 280 Puts 29

ICAP Sold 500 Nov 970/940 Put spds 17.75 credit

ADM Sold 600 Jan 1000/980 Put spds 13.625 credit/ Sold 55 Jan futures 945

Rosenthal Sold 250 Nov 930/900 Put spds 9.5 credit

Tenco Bot 1500 Nov 870 Puts 5.375-5.5/ Bot 210 Nov futures 937

O’Brien Sold 500 Nov 960/900 Put spds 24-25 credit

FC Stone Sold 200 May 900 Puts 29/ Sold 60 May futures 959

Rosenthal Bot 200 Nov 940 Puts/ Sold 500 Nov 870 Puts 21 db

Obrien Bot 750 Nov 920 Puts 16.5/ Bot 270 Nov futures 937

FC Stone Bot 300 Jan 940 Puts/ Sold 600 Jan 900 Puts 5.5 credit

Macquarie Sold 250 Mch 960 Puts / Bot 500 Nov 930 Puts 9 credit

Tenco Bot 250 Mch 920 Puts/ Sold 500 Mch Corn 320 Puts 12.5 db

JP Morgan Bot 1000 Oct 960 Puts 23.25/ Bot 870 Nov futures 938

EDF Bot 300 Nov 900 Puts 10.375

EDF Bot 200 Nov 1000 Calls 3.5

Rand Bot 300 Nov 900 Puts/ Sold 600 Nov 850 Puts 3.25-3.375 db

Obrien Sold 700 Jan 920 Puts/ Bot 1400 Jan 860 Puts 3 credit

Rosenthal Sold 700 Jan 960/900 Put spds 23.75 credit/ Sold 196 Jan futures 945

 

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

 

Data source: Jon Karmin and Jeff Pogonitz bean option brokers