By David Russell
(Click to enlarge)
optionMONSTER's Depth Charge tracking program detected unusual activity in the March 30 puts, which traded 1,726 times against open interest of 925 contracts. Institutional-sized purchases for $1.25 accounted for the bulk of the volume.
LAMR fell 1.49 percent to $30.50 in afternoon trading and has been consolidating around $30 since October. It dipped as low as $5.35 at the depths of last year's market crash.
Some chart watchers may think LAMR is ready to roll over because it's been unable to break above the $30-$32 area that provided support in 2008, suggesting that it's now become resistance. The shares also appear to be forming a potential "head and shoulders" reversal pattern.
LAMR needs to fall at least 6 percent by expiration for today's put buyers to turn a profit. The company's financial report is scheduled for the premarket on Feb. 25.
Overall options volume in the name is about five times greater than average today. Puts account for a bearish 98 percent of the order flow.
Disclosure: No positions