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Well, what do you know. The large SPY trade was busted, meaning that the trade was broken -- essentially the same outcome as if it never happened.
It is hard to tell exactly what took place. Maybe someone slipped in an extra digit into each leg of the trade?
As it stands, it looks like someone has still put on the diagonal trade we described, but definitely in smaller size. The trade does have a bearish overtone, at least in the short term, but the trade size does not have as much of an effect on the market. |
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