U.S. Steel faces large bearish trade
By David Russell optionMONSTER – 3 hours ago
U.S. Steel has been hovering, and one trader is worried about a cataclysmic selloff.
optionMONSTER's Depth Charge tracking program detected the purchase of about 9,000 July 20 puts for $0.91 and the sale of an equal number of July 13 puts for $0.135. Volume exceeded the previous open interest at each strike, indicating that they are new positions.
The trade cost $0.775 to open and is highly bearish, earning a profit of more than 800 percent if X closes at or below $13 on expiration. That would represent a drop of almost half for the iconic Pittsburgh-based company.