Accenture gapped lower in June, and the bears came back
optionMONSTER's Depth Charge monitoring system detected the
purchase of about 3,700 September 72.50 puts for $1.45 and the sale
of a matching number of September 70 puts for $0.85. Volume was
more than 19 times open interest at each strike, indicating that
new money was put to work in both.
The strategy cost $0.60 and will earn a maximum profit of 317
percent if the IT consultancy closes at or below $70 on expiration.
It's known as a
because it leverages a move between two prices in the same
expiration month, in this case $72.50 and $70. (See our
ACN was up fractionally at $73.81 yesterday. It touched an all-time
high of $84.23 in May but has been trending lower since. Its last
earnings report beat expectations, but the shares cratered after
management cut full-year guidance.
Total option volume was quadruple the daily average in the name,
according to the Depth Charge. Puts outnumbered calls by a bearish
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