A downside position topped yesterday's option activity in General Motors even as the stock jumped.
The biggest GM trade came in the June 33.50 puts when 10,000 contracts were bought for the ask price or $0.47, according to optionMONSTER's Depth Charge tracking system. There was no open interest in the strike before the trade appeared, showing that this is a new position.
The puts were not tied to any trading in the underlying shares identified by our systems yesterday. The trade could be an outright bearish play or a protective hedge on existing long shares. (See our Education section)
GM gained 3.14 percent on the day to close at $34.50, but it was below the $33.50 strike price when the options traded in the morning. The auto maker hit a high of $35.49 last week and was down below $28 two months ago.
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