Puts top the action in Owens Corning as the stock holds the gains of the week.
The maker of building materials such as Pink insulation is up fractionally on the day at $30.67. OC was below $28 intraday on Monday but has gained every day so far this week, lifting the stock back near last Wednesday's close. Shares have sold off from $38 in late March.
A trader sold 5,000 June 30 puts for $0.96 against open interest of 6,363 while buying the same number of July 28 puts for $1.14, according to optionMONSTER's Depth Charge system.
This could be a diagonal spread, it seems more likely that the trader is rolling the long puts out a month to a lower strike. This could be a protective position that the trader doesn't want to hold in the final three weeks until June expiration, as that is when time decay really kicks in. (See our Education section)
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