Mar. 24 at 2:02 AM
$NFLX seeing some interesting moves today
Even with a 1.7% bounce, there's heavy put action on the tape
Institutions are snapping up near-the-money puts into early April
Those
$93P and
$95P sweeps hit over
$2M combined
This suggests they're hedging for downside risk
Unhedged longs look pretty dicey right now
Over the last five sessions, April 17 has been all about ITM and ATM puts
Big blocks like
$116P and
$112P stacking up over
$10M
Meanwhile, call flow has been pretty light
If you're bullish, maybe think about call spreads or tight stops instead of going all in on upside
Feels like caution is the name of the game right now