Options traders have bought to open 5,499 puts on WAG over the past five days, according to the ISE and CBOE, compared to only 707 calls. In fact, the stock's 10-day ISE/CBOE/PHLX put/call volume ratio of 1.59 ranks in the 92nd percentile of its annual range, as speculators have snapped up puts over calls at a faster pace only 8% of the time.
Interestingly enough, this period of increased put-buying coincides with a steep rally for WAG. Since hitting a near-term low of $31.88 on Nov. 16, the stock has gained nearly 14%. However, the shares are now trading just below familiar resistance in the $37-$38 area, which has served as a stubborn technical ceiling since August 2011.
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