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September 13, 2013  Fri 9:30 AM CT

DAL: SEE CHART GET CHAIN FIND STRATEGIES
Shares of Delta Airlines are just off this week's all-time highs, and one trader apparently believes that the stock will hold onto those gains.

optionMONSTER's tracking systems detected the sale of 3,000 October 22 puts for the bid price of $0.83. The volume was almost 10 times the previous open interest, so this is clearly a new position.

The put selling is a bet that DAL will hold up above $22 in coming weeks. The trader is taking on the risk of having to buy shares if they are below that level at expiration in five weeks. (See our Education section)

DAL is up fractionally to $22.23 this morning. Shares were below $19 two weeks ago and closed at a high of $22.63 on Tuesday.
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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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