Headwind
Not a nice sign this am??
Bearish flow noted in J C Penney(JCP) with 3,002 puts trading, or 3x expected. Most active are Aug-17 5 puts and 7/28 weekly 5.5 calls, with total volume in those strikes near 2,600 contracts. The Put/Call Ratio is 5.47, while ATM IV is up nearly 2 points on the day. Earnings are expected on August 11th