This is massive with almost 2m open interest. someone knows something
If somebody knew something they wouldn't straddle. The straddle means they have no clue but with hedge it. Making money on the ups and downs.
Agree that there is uncertainty...but interesting the HUGE amount at the 35 strike chosen....implies the expectation of at least an upward pop, otherwise they would be straddling at strike 25.
Also...look at June 35 strike...another huge straddle worth over 200K open interest on both sides.
There are several large straddle positions at various strikes in June and July...but July 35 is the biggest I have ever seen.
Monte - here's my best guess....July 35 puts sold and calls bought in anticipation of a pop above 35 before expiration on news (of a special divvy?) being announced before opex.
Volume at this writing now above 550K on both sides!
Did you look at the action today? Massive as well. I bought (yesterday) 200 calls at 0.06 - I figured if the big boys are doing this there is got to be a reason. Also several insiders bought yesterday.!
I love insider trading. "Greed is good." Gordon Greko
Been trying to tell the board this for 2 weeks !
Sentiment: Strong Buy
What do you know? Spill.... And why is so MUCH money on BOTH sides?