Jul. 31 at 12:37 PM
$DELL flow worth flagging,
$4.4M of put premium concentrated in the Jun 17
$400 puts. The strike sits basically at the money with spot near
$404.81, a clean directional bet, delta working from day one.
Caveat that matters: big put buys aren't automatically bearish, funds hedge long books with them all the time. Urgency and strike selection are what separate a hedge from a bet. With this much time on it, it could be either, the follow through will say. Friday flow, carried over the weekend gap.
The full flow on the name, strike by strike, is worth a look.