Santander (SAN) is off 11 cents to $6.92 and it appears as if an investor sold 3,000 Jun 6 puts on the Spanish bank at 22.5 cents per contract to buy 6,000 Jun 5 puts for a dime. The 1X2 probably rolls a position in Jun 6 puts opened on 3/19 when the stock was trading for $7.46 and 3,000 were apparently bought for 15 cents per contract, to open. Activity in Jun 5s is opening. If so, the position adjustment seems to be reflecting concerns about additional losses for the European bank over the next two months.
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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.