CBRE Group is retreating from resistance again, but one option trader is looking for a near-term floor beneath the shares.
The commercial real-estate company is down another 0.6 percent to $18.15. CBG was up against resistance around $19.30 that has been in place since slipping off highs from July and August. It has run up from support at $14 in the last six weeks and has remained above its 10-day moving average despite the losses of the last two days.
More than 11,700 CBG options have traded already today, compared to a daily average of just 845. optionMONSTER's systems detected the sale of 9,000 February 18 puts for $0.60 against previous open interest was just 203, indicating that this is a new position.
This put selling is apparently betting that CBG will remain above $18 through the expiration that comes in 17 days. The trader is also showing a willingness to buy the stock if it is below that strike price. (See our Education section)
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