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April 16, 2013  Tue 11:30 AM CT

DAL: SEE CHART GET CHAIN FIND STRATEGIES
Delta Air Lines is resuming its ascent after stalling in yesterday's market headwinds, and one trader is betting that the stock will hold current levels in coming months.

optionMONSTER's tracking systems detected the sale of 6,000 June 15 puts for $0.84 in 2 minutes today, led by a print of 5,695. This is clearly a new position, as the volume was nearly twice as high as the strike's open interest of 3,078 contracts before the session began.

The put seller is looking for DAL to stay above the $15 strike price through expiration in mid-June. If it falls below that level, the trader will face the obligation to buy shares at an effective price of $14.16 once the credit from the put sale is included. (See our Education section)

DAL is is up 4.63 percent to $15.60 in midday trading. The company is scheduled to release first-quarter results on April 23.

The airline operator hit a five-year high of $17.25 on March 21 but gapped lower on lower revenue guidance in early April. It then bounced off support at $14 and had been rising steadily until yesterday's broad market selloff.

Delta saw bullish call buying at the April 15 strike earlier this month.
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Both break outs and a break downs need to have a couple things happen before it is considered a confirmed break out or break down by technical definition!  The only problem is that in today's market where things move much more quicker than they did just a few years ago, two days could wind up being the majority of the expected movement, if not the whole movement.

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