Jun. 5 at 4:45 PM
$JPM has been on a nice run, up 4.7% over the last five sessions
But check this out, today's options tape is packed with 285 put sweeps for July and August
We're talking about
$4.2M in ask-side action
No big negative news driving this so it feels more like hedging than a major short play
Institutions seem to be grabbing some downside insurance while the price is flat
For short-term traders, this could be a caution flag
Might want to think twice about adding unhedged upside exposure at these levels