One More Try: Into SPY Aug 09 '13 $163 Puts @ $0.54...

NFPs are on 2 August and the SPY 50 SMA is currently at about 163.7.

Looked at the Implied Volatility for the August 9 expiry date for both calls and puts on the SPY and puts are about 3% higher.

Open Interest in this issue dropped yesterday, signaling potential price reversal if we start to see some broad-based profit-taking...

Much smaller position than my previous SPY put trades.