Notable call spread in Netflix as shares slip
Notable call spread in Netflix as shares slip. The stock down $2.46 to $191.44 after a morning drop to its 50-day moving average at $189.50. As shares move off session lows, 10K Dec 190 - 195 call spreads bought for $2.47. The spread has traded nearly 15K on the day and, while the 190 calls are opening the 195 calls possibly close from 10/23, when the stock was near $192.50 and the activity at that time was one leg of Dec 195 - 210 call spreads (rolling out of Dec 200 - 215 call spreads). If so, the adjustment today leaves them long Dec 190 - 210 call spreads and expresses confidence that shares will revisit October 16th 52-week highs of $202.68 and beyond through the December quad witch expiration in five weeks.