LINE trade ideas
Trader takes BIG Bearish Bet in LINELinn Energy, LLC, an independent oil and natural gas company, engages in the acquisition and development of oil and natural gas properties. I have traded this stock before and made money and in general I like to stick with stocks that I have made money before on. Today, we saw an institutional buy 9,000 LINE April 28 Puts for $.70. This trader has the right but not obligation to sell 900,000 Shares of stock at $28.00 and pays a debit of $630,000 for this right. The chart has been breaking to the downside and trading a LONG Portfolio, I think this is stock that is headed south as it breaks the Ichimoku Cloud to the downside.
The Trade: Buy the LINE April 28 Puts for $.70
Risk: $70 per 1 lot
Target #1: $1.00
Target #2: $1.25
Target #: $1.50
Greeks of this Trade:
Delta: Short
Gamma: Long
Theta: Short
Vega: Long
LINE swing tradethanks to fib retrace support LINE should be able to continue up towards the gap. Will be exiting the trade ~34 or under the 11/14 close.
