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U.S. stock market report
(Corrects share price change in ETF)
1521 ET 07June2010
S&P 500 ETF call spread suggests gains this summer
The June $110-August $115 call spread was a top trade in the SPDR S&P 500 fund. A strategist apparently bought the spread at 65 cents which traded 42,000 times, said optionsXpress senior market analyst Joe Cusick. That is, it appears they sold-to-close a position in 42,000 June $110 calls at $1.07 and bought-to-open a similar position in the August $115 calls at $1.72. 'They might be looking for shares to hold below $110 through the June expiration (11 days) and move beyond $115 through the August expiration,' Cusick said.
WhatsTrading.com option strategist also noticed the same spread transaction. In all, about 1.01 million puts and 648,000 calls traded in the so-called Spiders, an exchange-traded fund that tracks the performance in the S&P financials. By late afternoon, the ETF's shares fell 90 cents to $106.04.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1521 ET 07June2010
S&P 500 ETF call spread suggests gains this summer
The June $110-August $115 call spread was a top trade in the SPDR S&P 500 fund. A strategist apparently bought the spread at 65 cents which traded 42,000 times, said optionsXpress senior market analyst Joe Cusick. That is, it appears they sold-to-close a position in 42,000 June $110 calls at $1.07 and bought-to-open a similar position in the August $115 calls at $1.72. 'They might be looking for shares to hold below $110 through the June expiration (11 days) and move beyond $115 through the August expiration,' Cusick said.
WhatsTrading.com option strategist also noticed the same spread transaction. In all, about 1.01 million puts and 648,000 calls traded in the so-called Spiders, an exchange-traded fund that tracks the performance in the S&P financials. By late afternoon, the ETF's shares fell 905 cents to $106.04.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1440 ET 07June2010
Morgan Stanley's Peters sees contagion risk
There is no quick fix to the European debt crisis and Greece will be forced to restructure its debt later this year, Greg Peters, global head of fixed-income and economic research with Morgan Stanley, said on Monday.
Spain is the linchpin of European sovereign debt markets that have recently come under pressure and Peters' biggest worry, he said, adding he is also concerned about France. Ultimately, he is most concerned about a European crisis spreading to Britain and possibly the United States.
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Reuters Messaging: caroline.valetkevitch.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
U.S. stock market report
(Corrects share price change in ETF)
1521 ET 07June2010
S&P 500 ETF call spread suggests gains this summer
The June $110-August $115 call spread was a top trade in the SPDR S&P 500 fund. A strategist apparently bought the spread at 65 cents which traded 42,000 times, said optionsXpress senior market analyst Joe Cusick. That is, it appears they sold-to-close a position in 42,000 June $110 calls at $1.07 and bought-to-open a similar position in the August $115 calls at $1.72. 'They might be looking for shares to hold below $110 through the June expiration (11 days) and move beyond $115 through the August expiration,' Cusick said.
WhatsTrading.com option strategist also noticed the same spread transaction. In all, about 1.01 million puts and 648,000 calls traded in the so-called Spiders, an exchange-traded fund that tracks the performance in the S&P financials. By late afternoon, the ETF's shares fell 90 cents to $106.04.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1521 ET 07June2010
S&P 500 ETF call spread suggests gains this summer
The June $110-August $115 call spread was a top trade in the SPDR S&P 500 fund. A strategist apparently bought the spread at 65 cents which traded 42,000 times, said optionsXpress senior market analyst Joe Cusick. That is, it appears they sold-to-close a position in 42,000 June $110 calls at $1.07 and bought-to-open a similar position in the August $115 calls at $1.72. 'They might be looking for shares to hold below $110 through the June expiration (11 days) and move beyond $115 through the August expiration,' Cusick said.
WhatsTrading.com option strategist also noticed the same spread transaction. In all, about 1.01 million puts and 648,000 calls traded in the so-called Spiders, an exchange-traded fund that tracks the performance in the S&P financials. By late afternoon, the ETF's shares fell 905 cents to $106.04.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1440 ET 07June2010
Morgan Stanley's Peters sees contagion risk
There is no quick fix to the European debt crisis and Greece will be forced to restructure its debt later this year, Greg Peters, global head of fixed-income and economic research with Morgan Stanley, said on Monday.
Spain is the linchpin of European sovereign debt markets that have recently come under pressure and Peters' biggest worry, he said, adding he is also concerned about France. Ultimately, he is most concerned about a European crisis spreading to Britain and possibly the United States.
For more, please double click
Reuters Messaging: caroline.valetkevitch.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.