The following is the OptionBT sighting of
"Is it that IEasy?".
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"Is it that IEasy?"
Position Description  :
Position taken   :
9 months out,
Vertical Bull Call Spread
Long the 09 Sep 825 Calls (25 cnt),
Short the 09 Sep 925 Calls (25 cnt)
No Margin required,
Close on the day of trade November 26,2008 was 887.68
Sep 18,2009 / Settlement = ????
25 long call options, 25 short call options.
Credit or (Debit)   :
Net Potential = +$125,000 if Sep 2009 Settlement above 925.0
Comments   :   "Is it that IEasy?"
The information below is the time and sales data.
This is a list of "all" the trades made on November 26,2008 for the two options
involved in this trade. This information tells us that this trade was put in as a spread and
not legged in.
|09Sep825 Call (SPXIE)
|09Sep925 Call (SXBIE)
The title "Is it that IEasy?" comes from the the symbols for the options used in this trade.
The long SPXIE and the short SXBIE.
Usually the size of this trade would not capture the attention of BigFoot trackers. Every once in a while
a smaller player with a good idea sneeks in under the radar. This time he was captured and will
be displayed for all to see.
"IEasy" wants a double by September of 2009. To do this he needs a $50 debit fill and he gets it.
Interestingly for one of his options he has chosen the September 825 Call
which at the time he purchases it, there is no
current open interest.
He is the opener for this option.
There is some question as to whether or not these "early birds" are always right.
"IEasy" has planned ahead and knows full well how important a good fill is.
"IEasy" doesn't want to bet the farm he merely wants to put down a modest $125K of his own money
betting that the SPX will top 925 come September of 2009.
His view of the history of the last few weeks has led him to believe the bottom is in
(or at least close enough to hit bottom and come back up in the next nine months).
With all the choices he could have made this is a rather conservative try.
He could be wrong and he probably has a stop point or two in place so that the entire amount
won't be lost if he has misjudged.
If the SPX closes below 825 in September of 2009 and "IEasy" has not bailed then he will loose
the entire investment.
In the following days that $50 debit fill dissipated rather quickly as the market rose.
In fact "IEasy" was probably
the only one who had a chance to realize a 100 percent gain on this spread. Late comers would
have to be satisfied with 80 percent.
Is the bottom really in? Have all the shoes dropped?
If so then betting the SPX will be 38 points higher in nine months makes a lot of sense.
High marks for "IEasy".
Planning and executing a 100% gainer is the embodiment of a good trader.
Will "IEasy" make the podium?
Will the next nine months be up months?
Not all future nine months are the same. This should be fun to watch.
Is it ever really that "IEasy"?
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