Why one trader is selling puts in SBA
Chris McKhann | [email protected]
More than 9,100 of the SBAC options have changed hands so far today, compared to a daily average of just 429 contracts. A trader sold 6,500 March 65 puts for $0.90 in volume that was 10 times the previous open interest and therefore a new position, according to optionMONSTER systems.
The put selling is a bet that SBAC will hold above $65 through expiration in mid-March. The trader is also showing a willingness to buy shares on a pullback below that level. (See our Education section)
SBAC is down 1.18 percent to $69.59 in early afternoon trading. Shares have been trending steadily higher from below $35 last October and posted a 52-week high of $70.98 on Monday.