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By David Russell

Owens-Illinois (OI) is down along with the rest of the market today, but some traders apparently think that it doesn't have far to drop.

Our tracking systems detected the sale of more than 5,000 March 29 puts for $0.45 to $0.55. Volume was more than 22 times open interest in the strike.

See our own chart here.

Source: Owens-Illinois Gets Vote of Confidence