Bear extends Aegean Marine strategy

By David Russell,

Shutterstock photo

Aegean Marine Petroleum Network has been falling almost all year, and one bear is taking profits while extending a downside position.

ANW Chart optionMONSTER's Depth Charge tracking system detected the purchase of 1,500 December 20 puts for $2.70 at the same time an existing holding of 1,500 September 25 puts was unloaded for $4.50. The transaction resulted in a credit of $1.80.

ANW fell 4.96 percent to $22.76 in afternoon trading and is down 16 percent in the last month. The provider of fuel for cargo vessels double-topped at $35 in January after gapping higher at the beginning of the year, and has been falling ever since.

Today's put roll allowed the investor to recover take some money off the table while extending their protective position by an additional three months.

The transaction pushed total options volume in ANW to almost 4 times the daily average, with puts accounting for 93 percent of the activity.

(Chart courtesy of tradeMONSTER)

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Options
Referenced Stocks: ANW

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