Bean Option Recap From Jon Karmin

A bit of a recovery in beans today after we toyed with significant support yesterday.  We still have maintained the  head and shoulders formation on the charts and there is a little more room higher to keep it from being violated so I’m not turning bullish.  I’ll be watching tomorrow’s action closely as Fridays are trend days and we did break over 80 cents from the highs last week before bouncing today.  We need a close below SF 995 before I think the bulls throw in the towel and accept the rally is over and we are heading lower.  Option-wise I like buying SH options anywhere from 1% over SN options to even to capture what I think will be a nice move heading into the end of the year or after the Jan report.   SF vol  21.5 down .5, SH vol  22 down .25, SX15 vol 19.5 unch

 

Straddles

 

SF 1020 55-56

SH 1020 90-91.5

SX15 1000 147-149

 

DRAX Sold 500 Dec 1000 Puts/ Sold 500 Dec 1010 Calls 12-12.75 credit

Jefferies Sold 200 Dec 1000/980 Puts 4.25 credit

Jefferies Bot 500 Jul 900 Puts 20.25

Obrien Sold 400 Jan 940 Puts 6/ Sold 56 Jan futures 1016

Jefferies Bot 200 Jul 960 Puts/ Sold 400 Jul 880 Puts 4.875 db

Jefferies Bot 200 July 980 Puts / Sold 400 Jul 900 Puts 4.25 db

Jefferies Sold 400 Jul 1400 Calls 4.375

Jefferies Bot 200 Jan 980 Puts 13.5/ Bot 56 Jan futures 1018

Rosenthal Sold 500 Jul 940 Puts/ Sold 500 Jul 1140 Calls 58.125-58.5 credit

Rosenthal Bot 200 SDFF 1000 Straddles./ Sold 200 Jan 1000 Straddles 13.75 credit

DRAX Bot 250 Jan 1020/1040 Call spds 9-9.25 db

 

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

 

Data source: Jon Karmin and Jeff Pogonitz bean option brokers