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NetApp (NTAP) brings back fond memories. The Sharks buying these puts have proved themselves to me in the past... "the force" seems strong with this shark. It's a decent size trade, the question is will it work?
NTAP has traded mainly on the put side today. Earnings are next week, February 12th. It appears someone is setting up for a sharp fall in stock on the announcement. Take a look at the Unusual Options Activity:
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Looking a bit deeper it seems like someone is actually rolling up their $55 Puts to the $60s as NTAP recently climbed with the market. That seems to make the $60 line the big bet. Notice the Risk-reward Breakeven price for this line: $53.79. This means the buyer of these puts thinks lower than $53.79. However, because he is making the decision to roll up, then we can also pinpoint a Target Stock Price between $50.14 and $53.79.
Here's the chart for you to look at. It could become an ABCD down move which would extend it lower to $47. This would coincide with the decision to buy March options as opposed to the February's... more time for a further move lower??
It definitely gets on my radar because we've followed these NTAP put buyers before. Take a look here:
BOOM!!! It doesn't get much better than that.
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