Mar. 13 at 2:33 AM
$QBTS took a hit, down about 5.7% today and still sliding over the last week
Not looking like a dip-buying opportunity right now
Traders are loading up on short-dated puts, like those 4,639 contracts for 3/13
$18.5P and 1,300 to 1,400 contracts for 3/20
$19 to
$19.5P
These are way above open interest, signaling fresh downside exposure
Today's big move was 1,689 contracts in the 3/20
$14 puts, 21% out of the money
This shows some serious concern about more downside coming
Volatility and put skew might stay elevated
Not seeing the pressure easing just yet
Keep an eye on this