Weyerhauser puts look for pullback

David Russell (david.russell@optionmonster.com)

Investors are worried about a pullback in Weyerhauser as the stock hovers near all-time highs.

optionMONSTER's Depth Charge monitoring program detected the purchase of about 2,700 May 30 puts on Friday for $0.75. Volume was almost 6 times the strike's open interest before the session began, clearly showing that this is new positioning.

Those puts lock where traders can sell shares in the forest-products company, no matter how far they may fall. That creates a position that is inversely correlately to the stock price, making it ideal for hedging long positions or speculating on a drop. (See our Education section for more.)

WY fell 0.19 percent to $31.16 on Friday. The stock has roughly doubled in the last 18 months but has been unable to make new highs since mid-January. That could make some traders nervous that it's losing momentum and expect a pullback. Earnings are scheduled for April 26.

Total option volume was twice the daily average in the session, according to the Depth Charge. Puts outnumbered calls by a bearish 9-to-1 ratio.

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