Large trade bets ING levels will hold
Chris McKhann | [email protected]
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.