Steve Sosnick's SPDR S&P 500 ETF Trust Trade

Steve Sosnick of Interactive Brokers spoke on Bloomberg Markets about a bearish options trade in SPDR S&P 500 ETF Trust SPY.

He wants to buy the June 270/267 put spread for $1. The trade breaks even at $269 or 1.11 percent below the current stock price. If the stock drops to $267 or lower, Sosnick is going to reach the maximal profit for the trade of $2.