Wall Street megabank JPMorgan Chase (JPM) is up 33% over the past year. One trader is betting shares will cool off in the months ahead.
That’s based on the May $230 puts. With 70 days until expiration, 5,067 contracts traded compared to a prior open interest of 179, for a 28-fold rise in volume on the trade. The buyer of the puts paid $4.70 to make the bearish bet.
JPMorgan Chase shares recently traded for about $252, so shares would need to decline by $22, or about 9%, for the option to move in-the-money. Chase shares have recently started pulling back from a 52-week high of $280.25...
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