[IYAS9YAS]

His position isn't really trading; it is gambling at its purest.

The only thing I could think is a married put, but it's too short term, so I doubt it. Those are usually run out over a longer period of time.

Yes, I caught my mistake as soon as I posted it. Thanks!

[SAJ]

Anyone who places large bets on the actions of the feckless ECB likely spends the rest of his time dodging those chaps in the white jackets carrying butterfly nets.

If he is REALLY expecting a move such as is implied by his trade, it's much MUCH less dangerous to use a simple put volatility spread. Or $VIX in combo with some sort of $SPX strategy.

Must be nice to have that much capital that one can (haha) afford to piss away 6-figure chunks of it.