• 
• See all for optionMONSTER
• View Print Version

• Pullback draws bulls to Coventry Health
• When options are safer than stocks

• DAN 100% Rate It

Dana Holding gapped lower yesterday with the market selloff, and some investors remain worried about further downside.

optionMONSTER's Depth Charge tracking program detected the purchase of 1,500 June 14 puts for $0.70 and the sale of an equal number of June 12 puts for $0.20. A block of 1,000 April 15 puts changed hands at the same time for $0.45 against open interest, indicating that a previous trade was adjusted.

It appears the investor closed an existing position in the April contracts and rolled the proceeds into a June put spread . That gave him or her an additional two months of downside protection in the maker of auto parts including axles and transmissions. (See our Education section)

DAN fell 2.94 percent to $14.84 yesterday. The stock rallied about 60 percent between December and February but then stalled and has been drifting lower since. Its next earnings report is scheduled for the morning of April 25.

Overall option volume was 5 times greater than average in the session, with puts outnumbering calls by 11 to 1.

Related Options Articles

• 
  Stay on Target: Stock Still Shows Upside Potential
  5/23/2013 10:22 AM
• 
  Global selloff hits equity indexes
  5/23/2013 08:14 AM
• 
  Huge bullish trades in sector funds
  5/23/2013 05:25 AM