????????????????????????????????? 
?????????????????????????????? Customer Makes A Long-Term Bet on AMJ Recovery
The JP Morgan Alerian MLP Index fund (AMJ – currently trading $22 up $.32 with an IV30 of 58.17 and an HV10 of 55.5%) saw a large call spread trade. AMJ (OI of 98,000 and an ADV of 8200) saw a 50,000-lot call spread go up in the Jan 2017 expiration cycle.
A trader bought 50,000 of the Jan 2017 30 call for $.975 on splits (25k for $.95 and 25k for $1.00) and then sold the Jan 2017 30 calls in multiple blocks totaling 50,000 contracts.? The trader sold 15k 40 calls at $.25, 25k at $.20 and 10k at $.15. In total the trader sold these at a price of $.205 a contract and paid $.77 per call spread.
This is a long term bet on a recovery in AMJ which was above $30 as recently as last November and threatened $30 last month.This trade should be considered long term bullish the underlying and slightly bullish volatility in AMJ