36,500 EXPR Sep 11 puts traded today in what also appears to be a teenie put buyer.?
Express Inc., trading 11.72 with an IV30 of 32.16 and an HV10 of 150, is seeing a lot of the September 11 puts trade today.? A huge block of 65,000 of these traded a .05 last week in what was a buyer of these puts.? Another 36,500 of these have traded .05 today in what also appears to be a teenie put buyer.? This is a stock where the ADV of 2200 contracts a day and has open interest of only 79,500 half of which are these puts.
EXPR has gotten mauled the last few days and this could be a customer that thinks that in the next 10 days there is at least 10%? more downside in the the LMT spin off.? If the stock does drop that much the customer is line to clean up royally.
This trade should be considered aggressively bearish the underlying and bullish volatility.