Options trader, Jon Najarian, spotted a big, bullish bet on the S&P 500 on Monday.
BEHIND THE TRADE
Someone bought 85,000 of the S&P 500 ETF (SPY) November 258 calls. These calls expire November 17th. This call buyer controls some 8.5 million shares of (SPY) from $258.
HOW THIS TRADE MAKES MONEY
The S&P 500 has to rise about 1.5% to 2,580 for this trade to make money.