check001 www.dailymarkets.com/options/2011/08/30/hot-option-play

http://www.dailymarkets.com/options/2011/08/30/hot-option-plays-mixed-close/

 

Index Trading
It was another light volume day in the index market, with about 493,000 calls and 699,000 puts traded across the S&P 500 Index (.SPX), CBOE Volatility Index (.VIX) and other index products, which is only about 57 percent the recent average daily volume, according to Trade Alert data. VIX seesawed back and forth and finished up .61 to 32.89. Meanwhile, an interesting trade surfaced in the NASDAQ 100 Index (.NDX). The index added 13.70 to 2,237.69 and an October 2300 – 2325 – 2400 – 2425 call condor spread was bought on NDX at $5.50, 2300X. That is, the strategist sold 2300 Oct 2325 and Oct 2400 calls on the index for the body of the condor and bought 2300 of the October 2300 and 2425 calls for the wings. This spread will pay-off nicely if the index settles between 2325 (+3.9 percent) and 2400 (+7.3 percent) through the October expiration (52 days).