Top trade in Wells Fargo (WFC) is 40K May 10 puts bidside for 95 cents, which is part of another substantial 1X2 ratio put spread (20000 May 15s/40000 May 10s) for an average of 92.5 cents. So, the bearish flow continues in WFC and the “smart money” is still eyeing this stock for a substantial move lower despite the recent rebound. Looking at the May 13-10-7.5 fly as another way to play it. Seeing if I can get for 50 cents.
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Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.