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Options Action: SPY

Monday, 7 Jun 2010 | 5:46 PM ET

If you want to play market but limit your potential for losses, Mike Khouw of Canter Fitzgerald has an idea for you.

He suggests an options trade in the SPY . It follows:

SPY AT 106
Buy 112 Call @ $3.50
Sell 94 Put @ $3.50

How Mikes Trade Makes Money
Profits Above 112
Get Long At 94 - Losses Below 94

*Learn more about this trade. Watch the video now!

Options Action
Mike Khouw, of Cantor Fitzgerald, shares his trading advice on the S&P 500 ETF (SPY).




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TRADER DISCLOSURE: ON JUNE 7, 2010, THE FOLLOWING STOCKS AND COMMODITIES MENTIONED OR INTENDED TO BE MENTIONED ON CNBC’S FAST MONEY WERE OWNED BY THE FAST MONEY TRADERS; TERRANOVA OWNS (SWN); TERRANOVA OWNS (GLD); TERRANOVA OWNS (RIG); TERRANOVA OWNS (IPSU); TERRANOVA OWNS (RSX); TERRANOVA OWNS (PFE); TERRANOVA OWNS (TER); TERRANOVA OWNS (APA); TERRANOVA OWNS (AXP); TERRANOVA OWNS (BMO); TERRANOVA OWNS (BBY); TERRANOVA OWNS (DIS); TERRANOVA OWNS (XCO); TERRANOVA OWNS (AAPL); TERRANOVA OWNS (CVS); TERRANOVA OWNS (IPI); TERRANOVA OWNS (TEVA); TERRANOVA OWNS (FXB); TERRANOVA OWNS (IPI); TERRANOVA OWNS (SU); TERRANOVA OWNS (V); GARTMAN OWNS (AAPL);GARTMAN OWNS (NFLX);GARTMAN IS SHORT (GS); GARTMAN IS SHORT THE S&P 500; GARTMAN IS SHORT THE YEN; GARTMAN IS SHORT THE POUND; GARTMAN OWNS GOLD; PETE NAJARIAN; PETE NAJARIAN OWNS (AMD) CALLS; PETE NAJARIAN OWNS (C); PETE NAJARIAN OWNS KELLY OWNS (GS) PUTS; KELLY OWNS (SPY) PUTS

FOR JOE TERRANOVA
TERRANOVA WORKS FOR (VRTS)
TERRANOVA IS CHIEF MARKET STRATEGIST OF VIRTUS INVESTMENT PARTNERS, LTD.
VIRTUS INVESTMENT PARTNERS OWNS MORE THAN 1% OF (AMKR)
VIRTUS INVESTMENT PARTNERS OWNS MORE THAN 1% OF (IGE)
VIRTUS INVESTMENT PARTNERS OWNS MORE THAN 1% OF (DBV)
VIRTUS INVESTMENT PARTNERS OWNS MORE THAN 1% OF (XLB)
VIRTUS INVESTMENT PARTNERS OWNS MORE THAN 1% OF (XLV)
VIRTUS INVESTMENT PARTNERS OWNS MORE THAN 1% OF (XLP)
VIRTUS INVESTMENT PARTNERS OWNS MORE THAN 1% OF (XLY)
VIRTUS INVESTMENT PARTNERS OWNS MORE THAN 1% OF (XLI)
VIRTUS INVESTMENT PARTNERS OWNS MORE THAN 1% OF (XLU)
VIRTUS INVESTMENT PARTNERS OWNS MORE THAN 1% OF (DRYS)

BRIAN KELLY
KANUNDRUM CAPITAL IS SHORT (GS)
KANUNDRUM CAPITAL IS SHORT (CME)
KANUNDRUM CAPITAL IS SHORT THE EURO
KANUNDRUM CAPITAL IS SHORT (XLK)
KANUNDRUM CAPITAL IS SHORT (XLI)
KANUNDRUM CAPITAL IS SHORT (XLF)
KANUNDRUM CAPITAL IS SHORT (XLB)
KANUNDRUM CAPITAL IS SHORT (FCX)
KANUNDRUM CAPITAL IS LONG (TLT)
KANUNDRUM CAPITAL IS LONG U.S. DOLLAR
KANUNDRUM CAPITAL IS LONG (GLD)
KANUNDRUM CAPITAL IS LONG (GFI)
KANUNDRUM CAPITAL IS LONG (AUY)

CHRIS MUTASCIO
**NO DISCLOSURES**

GENE MUNSTER
PIPER JAFFARY MAKES A MARKET IN (AAPL)
PIPER JAFFARY MAKES A MARKET IN (GOOG)

MIKE KHOUW
CANTOR FITZGERALD & CO. MAKES A MARKET IN (SPY)

LATE ADDITIONS:
FINERMAN'S FIRM IS SHORT (IJR)
FINERMAN'S FIRM IS SHORT (IWM)
FINERMAN'S FIRM IS SHORT (SPY)
FINERMAN'S FIRM IS SHORT (MDY)
FINERMAN OWNS (AAPL)
FINERMAN'S FIRM AND FINERMAN OWN (HPQ)
FINERMAN OWNS (GS) CALLS
FINERMAN'S FIRM OWNS (JPM), (J)PM) CALLS
FINERMAN OWNS (JPM)
FINERMAN'S FIRM OWNS (BAC), (BAC) CALLS
FINERMAN OWNS (BAC), (BAC) PREFERRED
FINERMAN'S FIRM AND FINERMAN OWN (CVS)
FINERMA'NS FIRM OWNS (BP) CALLS
FINERMAN OWNS (RIG) CALLS
FINERMAN OWNS (RIG) CALLS

CNBC.com with wires

  Price   Change %Change
SPY
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