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On
CNBC's Options Action, Dan Nathan said that he noticed a bearish options trade in
SPDR S&P 500 ETF TrustSPY when it traded close to its highs.
A trader bought 80,000 contracts of the June 5 weekly 209/206 put spread for $0.35. The trade breaks even at $208.65 and it can maximally gain $2.65 or $21.2 million. The trader is risking $2.8 million, betting that the SPDR S&P 500 ETF Trust is going to trade below $208.65 at next Friday expiration. It has to close at or below $206 for the trader to achieve the maximal gain.
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