Long-term floor seen in DryShips

DryShips is plunging today, but a huge trade is betting that further losses will be limited in the long term.

optionMONSTER systems show that a trader sold 20,000 January 2016 1 strike puts for the bid price of $0.20. This is clearly a new position, as previous open interest in the strike was a mere 107 contracts.

The trader is betting that DRYS will hold above $1 through early 2016. If it does not, the put sellerwould be on the hook to buy 2 million shares of DRYS for $1.

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