Cyprus semiconductor was trading 9.70 when a customer sold over 5,000 of the CY March 10 puts at .45.? The trader is betting that CY is going to move back to $10 in the next few weeks.? Alternatively, the customer can take delivery on this name and the cost of the stock delivered would be 9.55, 0.15 below its current level.
This should be considered bullish the underlying and bearish volatility.? The trader does not appear to think that CY is going to take off, but thinks it will move somewhere near .30 higher in the next 3 weeks.
Trader looking to piggy back could sell the April 9 puts at .25, this is more premium than the March put seller received and is further out of the money.