6,800 Nov. 1 550 Calls bought this morning. What's your take?
6,800 at average of 700. That's roughly $4.8m. I don't think anybody would gamble that much on earnings, so it's more likely some hedge fund buying protection for their massive short position. Any thoughts?
Another interesting thing was that at exactly the same time, 6:44:38, 3,400 Nov 530 were bought. I am surprised that so many contracts changed hand at the same time did not cause much stock price gyration!
This is probably what was done. People do not buy that many calls for expiration week. Makes no sense, volatility is too high and price is too high. With that kind of money they knew what they were dying and most likely they wrote covered calls.