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On
CNBC's Options Action, Brian Stutland spoke about a bullish trade that he noticed in volatility index on Tuesday.
A trader bought 20,000 contracts of the August 18 / 20 call spread for $0.08 on a day when VIX recorded more than 12 percent single day gain. The trade breaks even at $18.08 and maximal gain is $1.92 if the VIX trades above $20. Stutland thinks that traders are getting concerned about where the market is heading and another leg down could lead to a spike to 20 in the VIX.
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