"somebody bought 500 nov 20 put contracts today. Thoughts anyone??"
Looks like to me it traded in two blocks, 160 contracts this morning and 340 this afternoon.
Looks like both traded at 6 1/4, and since the quote was 6 1/4 by 6 3/4, I'd guess someone sold the contracts, not bought.
If someone had bought 500 contracts, that would have been bearish, indicating that the purchaser expected the stock to go down.
Someone selling them is a bullish move, as they expect the stock to move towards 20. It could be an option play, and they'll take profit as the stock moves up, or they want to buy 50,000 shares of stock, and they'll get them thru option assignment at a price of 20 - 6 1/4, or 13 3/4 per share. |
