Correction on LEAP. Leap Wireless (LEAP) loses 24 cents to $10.55 and one strategist buys 5000 April 11 puts at $1.46 to sell the Oct 10 – 11 strangle at 92 cents, 2500X (adjusted). All legs trade on AMEX and look opening, tied to 180K shares. LEAP is down in six of eight trading sessions and gave up 9.6 percent during that time. Shares are down about 44 percent since late-May. Today’s strategist might be looking for shares to hold in a range through the October expiration and experience volatility from that point forward.
About the Author (Author Profile)
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.