Traders apparently believe that last week's pullback was only temporary for Accenture, which is back near all-time highs today.
optionMONSTER's tracking systems detected heavy selling in the April 72.50 puts, which have seen nearly 6,000 contracts trade for an average price of $1.35 this morning. That volume is 8 times higher than the strike's open interest before the session began, clearly indicating new activity.
ACN is up 0.82 percent to $75.41 today. The management-consulting company hit a lifetime high of $75.97 last Wednesday before pulling back with the rest of the market.
Today's put sellers are betting that the stock will stay above $72.50 through expiration in mid-April. If ACN falls below that strike price, the traders will face the obligation to buy the shares. (See our Education section)
The put sales have made up the bulk of the 6,756 total option volume in the name so far. That is already quadruple its full-session average for the last month.
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