Following the large bearish ratio spread in IBKR earlier this week, SCHW was downgraded to equal weight on expectations of prolonged low rates. almost 24k Mar 13 puts traded.  14.5x avg daily volume. Bearish.

 

Also seeing bearish put buying activity, ATHN in the Sep 22.5 and Sep 20 puts.

 

From Steve Smith. PFG opening buyer of 17,500 Oct. 25 calls .375. Prior open interest in the strike was 316 contracts. Floor broker confirmsthis was a buyer. Stock is off 23.3% since mid- May. Bullish.

 

Also seeing bullish activity CA, opening buyers of the Oct 18, 19, and 20 calls, and GIS, General Mills.  Fitch upgraded its rating outlook to positive from stable and affirmed their credit ratings on Wednesday.  October 40s were most active, however activity in all strikes in that month was well above average, bullish.  

 

Not surprisingly nearer-dated implied vols were higher in the S&P, and the VIX closed close to the highs of the session.  This month's lower volumes continued, 25% lower than avg daily listed options volume this year w/ 10.6mm single-stock contracts traded, 910k index options and 75k futures.

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