Dutch financial firm ING has been working its way higher for the last eight months, and one trader is betting that it will hold its current level through the middle of this year.
optionMONSTER systems show that a trader sold 5,000 July 10 puts yesterday for the bid price of $0.80. This is clearly a new position, as the volume was more than 30 times higher than the strike's open interest of just 158 before the day's trading began.
The put selling is a bet that ING will hold above $10 through expiration in mid-July. The trader is also showing a willingness to buy shares if they are below that strike price. (See our Education section)
ING closed yesterday up fractionally at $10.08. The Netherlands-based company hit a high of $10.47 two weeks ago as it trended higher from $5.51 in early June.
More than 5,200 ING options changed hands in total yesterday, versus the daily average of 400 in the last month.
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