A large trade is looking at the potential for more downside in insurance firm Tower Group International.
optionMONSTER's Depth Charge system detected the purchase of 4,950 October 2 puts this morning in one print for $0.25. This is a new position, as the volume is above the strike's previous open interest.
These puts aren't tied to any trading in the underlying stock identified by our scanners so far today. They could have been bought as an outright bearish play or as a protective hedge on long shares. (See our Education section)
TWGP is down 3.66 percent to $2.11 in midday trading. It was down at $1.80 a month ago but had recovered to the $2.30 level in the last couple of weeks.
Nearly 13,000 TWGP options have changed hands so far today, compared to a full-session average of just 86 contracts in the last month.
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