End seen to selling in Schlumberger
A trader is looking for an end to the selling in Schlumberger.
optionMONSTER systems detected the sale of 3,000 May 85 puts in one block for $3.30 yesterday. This is clearly a new position, as open interest in the strike was just 169 contracts before the trade appeared.
The put seller is betting that SLB will stay above $85 through expiration next spring. The trader takes the risk of having to buy 300,000 shares if the price drops below that strike price by mid-May. (See our Education section)
SLB fell 3.58 percent to $94.92 yesterday, its lowest close since March. Shares of the oil-services company climbed as high as $118 in early July and haven't been below $85 in just over a year.
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