DASH: the evening before lockup expiration
This is right before the expiration of the share lock-up for insiders. Bearishness has reached near-euphoria. A yoga teacher asked me about buying DASH puts last night. I think there's a chance we bounce at this trend support and simply slide sideways into the megaphone and wedge formed by trendiness, instead of falling down into the pit as the rest of the world tends to think.
There was some very unusual options activity today in near-term options, which implies a leakage of insider information. Options volume in these strikes was far beyond open interest.
CALLS: 5000 $172.5 weekly calls, expiring 3/12/2021 with a total premium of about $670,000.
PUTS: 10,000 $125.00 weekly puts, expiring 3/12/2021 with a total premium of about $8,030,000.
No way to tell if the call buyers were the put sellers. But block buyers in the market are long $211,250,000 in notional shares on the bet that DASH insiders are not going to dump their shares en masse, and the fear is overdone. This is a BIG BET.
I saw this and went to work selling the $95 and $110 strike puts expiring the same day, 3/12/2021.
There was some very unusual options activity today in near-term options, which implies a leakage of insider information. Options volume in these strikes was far beyond open interest.
CALLS: 5000 $172.5 weekly calls, expiring 3/12/2021 with a total premium of about $670,000.
PUTS: 10,000 $125.00 weekly puts, expiring 3/12/2021 with a total premium of about $8,030,000.
No way to tell if the call buyers were the put sellers. But block buyers in the market are long $211,250,000 in notional shares on the bet that DASH insiders are not going to dump their shares en masse, and the fear is overdone. This is a BIG BET.
I saw this and went to work selling the $95 and $110 strike puts expiring the same day, 3/12/2021.
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