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Moby Waller
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Moby Waller is a former CBOE Market Maker floor trader and off the floor London-based European Index Options Trader. He now works with and is a Research Analyst and Portfolio Manager for's ETF TRADR (, which provides... More
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  • Possible 115 SPY Pin Tomorrow, Then Rally Next Week 1 comment
    Jan 14, 2010 8:15 PM | about stocks: SPY, SPY, QQQ, IWM, DIA

    The S&P 500 Index tracking ETF (NYSEARCA:SPY) closed today right around the 115.00 level.  This is a strike price where there is fairly heavy open interest, especially in the Jan 115 Calls.  There is a possibility that we may get "pinned" right around this strike price on Expiration Friday.

    However, the good news for the bullish case is that last Expiration, the SPYders got stuck at 110 on Expiration Friday.  The following week they were "freed" of that expiring open interest, and subsequently rallied for the next several trading days.  As you can see on the following chart, the December 18th Friday low was 109.28, by the next Thursday (Christmas Eve) they reached a high of 112.61.

    For those interested in index option trading, we have the BigTrends Index Options Timer program, which gives specific real-time, short-term trades on the SPYders and other indices.

    Moby Waller

    Disclosure: Subscribers own SPY Feb Calls currently.

    Stocks: SPY, SPY, QQQ, IWM, DIA
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  • Moby Waller
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    Author’s reply » the number scaling on the right of this chart got a bit messed up, sorry about that, but the 110 and 115 levels are correct
    14 Jan 2010, 09:24 PM Reply Like
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