The Bank of New York Mellon fell after hitting a 52-week high last week, but traders apparently believe that further losses will be limited.
optionMONSTER's tracking systems detected the sale of 2,107 March 21 puts for $0.56 and 1,415 March 22 puts for $0.82. The volume was well above respective open interest of 313 and 235 contracts, indicating new positions.
BK was down fractionally yesterday at $24.07. Shares of the financial-services company hit a 52-week high of $25.35 on Election Day but gapped lower with the rest of the market a session later. The stock has been trading close to $24 since then.
Yesterday's put sellers are looking for the stock to be above $21 or $22 at expiration in mid-March. The traders face the obligation to buy shares if they are below those levels at that time. (See our Education section)
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