today," Optimize Advisors CIO Michael Khouw said Tuesday on "Fast Money." "That's not actually news just for today; we've actually seen that over the past 20 days, where call volume has outpaced put volume by more than 2-to-1.
"Where we're seeing a lot of that activity is in the [July 2] weekly 6.5 calls," said Khouw. "The buyers of those were paying just under $0.40." Right now, those contracts are less than 3% away from their break-even price of around $6.90 on the underlying stock and would become quite profitable if Macy's were to hit that 9% implied move to the upside.
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Not going to great so far for them.
$M