Short Opportunity? Earnings were bad with a initial drop in price, followed by heavy buying with reports that the stock was still a buy. Today's option activity shows a potential rotation into calls from puts inline with that opinion.
I don't think it will move much higher considering the earnings and store closures so I'm watching for a drop as the news picks up on store closures over the next few days. By the end of the day most of the volume was selling. Most of the put option volume had a delta of <=.20 possibly indicating hedging the calls or speculative on a large downside move which is where I'm leaning. If there is not a meaningful direction by close Friday I will exit.