May. 12 at 7:28 PM
$FLG options tape showing big moves
Two massive put blocks just hit, 5,000 June 18
$13 puts and 5,000 May 15
$14 puts, both at the ask
Institutions clearly grabbing downside protection
Stock's down over 3% in five days, another 0.8% today
No bullish catalysts in sight
This put-heavy action suggests more weakness ahead
Near-term upside call plays look risky unless you've got a strong contrary view
Better to hedge or play the downside here
Stay sharp
