Trader bets Delta will hold altitude

Shares of Delta Airlines are just off this week’s all-time highs, and one trader apparently believes that the stock will hold onto those gains.

optionMONSTER’s tracking systems detected the sale of 3,000 October 22 puts for the bid price of $0.83. The volume was almost 10 times the previous open interest, so this is clearly a new position.

The put selling is a bet that DAL will hold up above $22 in coming weeks. The trader is taking on the risk of having to buy shares if they are below that level at expiration in five weeks.

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