Traders are looking for Transocean to hold its ground through the end of next week.
optionMONSTER's monitoring programs show that 10,000 Weekly 9 calls expiring on April 22 were sold for $0.24 at the same time yesterday. This is clearly a new position, as open interest in the strike was only 146 contracts before the session began.
Short puts lock in a price where investors must buy a stock, while letting them collect premium. Traders use the technique when they like a stock and think that the risk of a big drop is limited. (See our Education section)
RIG rose 8.12 percent to $9.59 yesterday but is down 19 percent in the last month. The offshore energy driller reported bullish results on Feb. 24 and is expected to announce its next quarterly results after the close on May 4.
Overall option volume in the name was twice its daily average yesterday.
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