On a day where WMT is seeing aggressive call buying, Target Corp, a direct competitor, is seeing put buying.? Today a trader legged out of a long put position in April and rolled it back to May using a calendar.

The trader sold about 5000 of the April 60 puts at .26 and then bought the same number for 1.11.? Net paying .85 for the Apr-May 60 put spread.? This trade appears to be a trader rolling back a bet on TGT dropping more aggressively.?

This trade should be viewed as aggressively bullish volatility and aggressively bearish the stock.? Traders looking to piggy back could consider buying the May 57.5/60 put spread for about .72 as it has favorable risk reward.?