Options Steam Points to Further Downside

We have had a lot of big option bets today pointing further weakness in stocks and the overall market.  Right now, my next target for SPY is back to the 200MA at 201.75.  We probably close today in the 202.95 - 203.25 area.  Here's a look at some of the bearish activity in options:



Alert: CHRW Aug16 72.5 Puts Sweep: 990 @ ASK $4.80: 990 traded vs 7 OI: Earnings 4/25 $71.37 Ref    (This is a $475,000 downside bet - Trade targets $67.70 )

Alert: SYF May16 27.0 Puts Sweep: 3014 @ ASK $0.70: 3046 traded vs 4743 OI: Earnings 4/22 Before Open $28.09 Ref (This is a $227,450 downside bet - Trade targets $26.30)

Alert: URBN May16 32.0 Puts Sweep: 2296 @ ASK $2.16: 2324 traded vs 62 OI: Earnings 5/16 $31.58 Ref (This is a $495,000 downside bet - Trade targets $29.84)

Alert: SKX Apr16 26.5 Puts Sweep: 1087 @ ASK $0.55: 1627 traded vs 23 OI: Earnings 4/27 $27.18 Ref (This is a $60,000 downside bet - Trade targets $25.95)

Alert: CREE Apr16 25 Put Sweep: 2,748 @ASK $1.06: 2748 traded vs 1529 OI: $24.27 Ref (This is a $291,000 downside bet - Trade targets $23.94)

Alert: MS Fri 4/29 22 Puts (Wkly) Sweep: 12,752 @ ASK $0.24: 12,752 traded vs 353 OI: Earnings 4/18 After Close $60.89 Ref $23.98 (This is a $306,000 downside bet - Trade targets $21.76)