$MLM Rangebound - Unusual Bearish Options Activity
$MLM Martin Marietta Inc Rangebound w/ Unusual Bearish Options Activity Today
It was rejected today just under $228 resistance near the upper limit of the recent range it's been locked in.
Unusual Bearish Options Activity:
About ~2,500 $240.00 strike (ITM) January 2021 puts traded today vs open interest of <200 (14x OI) for a total premium outlay of $7M+.
Near term target: $203.00 by early October
Stop loss: $231.00
It was rejected today just under $228 resistance near the upper limit of the recent range it's been locked in.
Unusual Bearish Options Activity:
About ~2,500 $240.00 strike (ITM) January 2021 puts traded today vs open interest of <200 (14x OI) for a total premium outlay of $7M+.
Near term target: $203.00 by early October
Stop loss: $231.00
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Note: Not investment advice.
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Interesting note...I'm guessing this options bet might have something to do with the FAST (Fixing America's Surface Transportation) Act expiring on Sept 30th.
MLM Martin Marietta supplies resources for the building of roads & highways.
If new federal funding or an extension of the FAST Act isn't approved by the end of the month, this could drop out of the range and we could see further declines.
Given the uncertainty surrounding this FAST Act funding, the fact that this stock has been rangebound recently makes a lot of sense now.
MLM Martin Marietta supplies resources for the building of roads & highways.
If new federal funding or an extension of the FAST Act isn't approved by the end of the month, this could drop out of the range and we could see further declines.
Given the uncertainty surrounding this FAST Act funding, the fact that this stock has been rangebound recently makes a lot of sense now.