Cheniere Energy was trading at 41.80 when a customer bought 5000 of the Feb 35/38 put spreads.? With earnings coming up on 2/21 this appears to be an earnings hedge or a play on the stock having bad earnings. ? The customer paid .38 so the trade is cheap and would hedge the trader down to $35/share.

This is aggressively bearish the stock and bullish volatility if the trade is unhedged.??Traders looking to piggy back could outright the 38 put as there is little no point in selling the 35 put at .11 at this point. ??