Shares of SandRidge Energy (SD) are trading lower on the session by 8.03%, at $5.61. The stock has been ticking lower over the past four weeks, breaking down below the 50-day and 200-day moving averages in the process.
With shares making a large ?hammer? on the chart today, one trader is selling downside. Shortly after the opening bell the January 2014 $3.00 put was sold 9,288 times, near the bid, for $0.35; the spread at the time of trade was $0.34/0.39.
Given the current open interest of 3,137 contracts, this is clearly new positioning on the name.
30-day implied volatility is off 2.3% today to 58.57%, while 10-day implied volatility is registering 33.24%.
SandRidge Energy, Inc. is an independent oil and natural gas company. It is engaged in development and production activities related to the exploitation of its holdings in West Texas and the Mid-Continent area of Oklahoma and Kansas.