On CNBC's "Options Action," Mike Khouw said that calls significantly outpaced puts in SPDR Gold Trust GLD on Tuesday. The big call volume was the result of the purchase of the December $190/$200$/210 call butterfly for the net premium of 75 cents.
A trader bought 10,000 contracts of the December $190 calls, sold 20,000 contracts of the December $200 calls and bought 10,000 contracts of the December $210 calls. Khouw explained that the buyer is betting $750,000 that GLD could rise more than 12% by December expiration, targeting $200.
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