Bean option Recap from Jon Karmin

Beans had a nice little short covering rally after initially trading to contract lows last night.  As has been the constant theme with vols edging higher on every contract low, it softened on this rally.  The conventional wisdom out there is any rally will be short-lived so every rally has been perceived as an opportunity to sell calls and therefore put pressure on premium and consequently vol. The put buying fever of last week was unsustainable without a little correction.  I don’t think we will see the 17% levels of a couple of weeks ago very soon but there is some room for some premium erosion.  SX vol 24 down 1.5, SZ vol 21.5 down 1, SF vol 20 down 1.25, SH vol 19.5 down .75.

 

Straddles

SX 920 46.5-47.5

SZ 920 62-63

SF 920 74-75

SH 940 91-92.5

 

Obrien Sold 1800 Nov 910/930 Call spds 8.875-10.5 credit

Jefferies Sold 200 Jan 960 Puts/ Bot 200 Nov 960 Puts 4.5 credit

TJM Bot 10000 Nov 950 Calls 10-10.25

DRAX Sold 800 Nov 900 Puts 15.5-18.75

Obrien Sold 250 Jan 900 Puts/ Sold 250 Jan 940 Calls 56.5 credit

Rand Bot 500 Jan 900 Puts 28

TJM  Bot 200 Mch 1000 Calls 19.25/ Sold 56 Mch futures 934

ICAP Sold 200 Nov 980 Calls 4

Rosenthal Bot 500 Nov 870/810 Put spds 6.5-7 db

ADM Bot 350 Nov 900 Puts/ Sold 350 Jan 940 Calls 8.5-9 credit

Obrien Sold 600 Jan 900 Puts/ Bot 1200 Jan 840 Puts 3 credit

Rosenthal Sold 300 Jan 920 Straddles 74.5-74.75

ADM Sold 500 Nov 900 Puts 18.5

ADM Sold 800 Nov 900 Straddles 49-51.875

ABN Bot 1000 Mch 900 Puts 33.5-34

ADM Bot 400 Nov 940 Puts 39-39.75

Obrien Sold 400 Nov 900 Straddles 49.25-50

Obrien Bot 900 Dec 800 puts 4.625-4.75

EDF Sold 250 Nov 900 Straddles 49-49.5

JP Morgan Bot 500 Nov 1000 Calls 2

JP Morgan Sold 500 Nov 850 Puts/ Sold 500 Nov 950 Calls 15.25-15.5 credit

Macquarie Sold 200 Mch 940 Calls 43/ Bot 100 Mch futures 935

Rosenthal Bot 250 Nov 940/980 Call spds 10.25 db

EDF Sold 200 Nov 910 Straddles 48.5-49

 

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

 

Data source: Jon Karmin and Jeff Pogonitz bean option brokers