May. 8 at 3:45 PM
$BAC sliding hard lately
Down about 4% this week, over 2% just today
Institutions aren't buying the dip, they are loading up on puts instead
Saw a big 30k contract trade for June 18
$47 puts, premium around
$1.08M, as
$BAC hovers near
$52
This isn't a casual move
Big players are locking in downside protection
Might be smart to stay cautious on new longs
Consider defined-risk bearish plays if you are following this trend