Trader bets Delta will hold altitude
Chris McKhann | [email protected]
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.