Williams sees heavy put buying
Chris McKhann | [email protected]
More than 19,000 of the February Weekly 41.50 that expire a week from today puts have traded, most of them bought for $0.43. There was no open interest at that strike, so these are new positions. The volume at that strike is more than the total daily average in the name for the last month.
These puts could have been purchased to hedge a long position or make a straight bearish bet. Either way, they will expire worthless if shares remain above $41.50 by the end of next Friday's session. (See our Education section)
WMB is down fractionally to $41.92 today, continuing to trend higher from support at $34 in the last two months. The company reached 52-week highs yesterday after reporting earnings.