Mar. 20 at 10:42 PM
$SMFG took a hit today, down 2.35%
The last 5 days haven’t been much better with a 1.65% drop
No big news driving this but check out the options flow
There’s a tight cluster of ask-side sweeps in the April 17.5 puts
That’s 2,879 contracts against just 94 open interest
It’s around 8% out of the money with implied volatility at 53 to 57%
This shows some serious interest in near-term downside or hedging
But don't go overboard
Total put premium is only about
$145K
So it’s a concentrated move, not a massive rush to hedge
Price and flow lean bearish but without a clear catalyst, it's hard to say where this goes next
