Shares of SPDR S&P 500 trust (SPY) are up .72 to 226.63 today. SPY is near the top of the 52 week range.

• Paper traded 9430 SPY Jan 227.5 calls for .68.
• The ADV is 2.5 million contracts.
• The OI is 8368 contracts.

The volume went up in 1 block on the CBOE. This trade stands out as an aggressive short term bet for the SPY. The trader needs a big upswing next week as this is an opening buy.

• IV 30 is trading for 9.5%.
• HV10 is trading for 4.5%.
• IV 30 is trading above the HV 10.

SPDR S&P 500 ETF Trust (the Trust) is a unit investment trust. The Trust seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500 Index (the Index).