Mar. 22 at 11:07 AM
$CCEP took a nosedive this week, down over 10% with no clear news driving it
On 3/20, we saw about 1,260 contracts of the April
$90 puts swept at the ask, which is a huge move with almost no prior open interest
We're talking ~
$242K in premium, just 2% OTM, and 28 days till expiry
Options flow is screaming bearish with 100% put sweeps and volume 476 times the norm
Momentum is 3.2 times, which is wild for a defensive name like this
Unhedged dip-buying here feels risky
Until this slide finds a floor, it might be smarter to look at defined-risk
