Traders see end to slide in Yandex
Mike Yamamoto | [email protected]
optionMONSTER's tracking systems detected the sale of 2,690 January 26 puts for $1.50 and $1.55 this morning. These are clearly new positions, as open interest in the strike was a mere 29 contracts before the trades appeared.
These short puts are looking for YNDX to stay above $26 through expiration in mid-January. If the stock falls below the strike price, traders will be on the hook to buy shares at that level. (See our Education section)
YNDX is down 2.62 percent to $29.03 in midday trading. The Russian search-engine company has fallen from $35 at the beginning of July with the turmoil in Ukraine, but it seems to have found support near the $28 level this month. Earlier this week, our systems also found bullish call buying in the Market Vectors Russia ETF.
With today's put sale, total option volume in Yandex is already more than 70 percent above its full-session average for the last month.