Shares of Royal Caribbean Cruises are slipping today, but one trader sees the stock holding current levels.
RCL is down 2.91 percent to $24.70 in afternoon trading. The cruise-ship operator began June with a 2012 low near $22 but spiked to $27 on the last day of the month. In the broader picture, however, the stock has been trending lower from $32 at the start of February.
optionMONSTER's systems show that 8,036 August 24 puts have been sold today in a single print for $1.05. Open interest at the beginning of the day was 134 contracts, so this is new activity.
This put selling is a bet that RCL will hold above that $24 strike price through expiration in mid-August. It may well be a relative-value play against rival Carnival Cruise, which saw call selling earlier in the day.
If so, the trader would be betting that RCL will outperform CCL in coming weeks. Depending on the specific structure of the positions, it could also be possible to profit on both sides of the trade. (See our Education section)
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