Estee Lauder (EL) is flat at $59.83 and in-the-money Oct 65 puts saw interesting activity. 5,246 contracts traded total against 113 in open interest. The flow includes a sweep of 1670 contracts for $5.30 when the market was $5 to $5.30 at 9:50. Less than one minute later, the stock was down to $59.88 from $60.31 and a sweep of 1600 Oct 65 puts traded at $5.42 when the market was $5.50 to $5.70. Was this one player taking a 12-cent per contract ($19.2K) profit in less than a minute? This might indeed be so. No news on the stock to explain the morning drop. Shares fell from $60.3 at the open to $59.66. The first sweep surfaced 20 minutes into trading when the stock was near session highs and then the second sweep as the stock was falling about 1 percent to the lows of the day.
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.