May. 29 at 3:38 PM
What’s going on with
$WIT today?
After a solid +10% week, it's taking a hit, down around 8%
Seeing a big shift in sentiment with July dated ITM put sweeps happening
Spotted a 1,770-contract July 17
$5 put sweep at the ask on InsiderFinance
That’s about
$513K in premium, way above the 251 open interest, signaling some serious downside or protective moves
Feels like the smart play here is to respect the selling pressure and volatility risk
Might be better to hold off on any unhedged long positions until things settle
