Pyrrhic Victory Against the big put buyers

[junktrader]

Much has been made of the large buyers of May 6 strike and 8 strike puts. In an odd twist, it appears like both longs and the put buyers will lose this week. On my bbg. terminal I show 105,842 open contracts for the May 6 strike puts. Most of these were purchased between .10-.15. With 1 day to go these are now offered @ .05 with no bid. On this trying day for longs, remember that it could have been worse. You could be staring at a 100% loss if you had bought the 6 strike puts!

8 strike puts have fared a touch better but appear to be largely unchanged from where buyers started accumulating.  Then again, there is 1 day till expiry.

[TrueValueSeeker]

If you are volatility player, do not buy put or call near expiring. Both put and call should be close to current stock price, otherwise it might never be able to strike.

[tradestar2012]

on the bright side of things, it will be hard for carson block to claim that the independent auditor and independent committee were not impartial and doing their respective jobs.

[lovelytulips1637]

on the bright side of things, it will be hard for carson block to claim that the independent auditor and independent committee were not impartial and doing their respective jobs.

Didn't Altimeter sells those puts to double down?  They were the ones out buying to prop the price up all day.  Will be interested to see what happens when they run out of powder tomorrow.