Jun. 18 at 2:31 AM
$CAR is taking a hit, down 5.6% over five days and another 2.5% today
No fresh headlines driving this but the options tape tells a story
Saw a huge 420-contract 6/18
$290 put golden sweep at the ask on InsiderFinance
That's about
$4.6M in premium, way above existing open interest
Looks like someone's betting on more downside or hedging hard
Short term traders might want to think twice before jumping in long
Volatility is up and it doesn't look like there's a clear edge for new directional plays right now
Stay sharp