Trader Looks For Floor In Facebook

Option volume is heavy in Facebook a day after its earnings report, and put selling is leading the activity.

More than 640,000 FB options have changed hands, already twice its daily average in the last month. That pushes the name to the top of the total option volume list, even outpacing the SPDR S&P 500 Fund (SPY).

There is action across the board, but the largest single print is the sale of 7,473 November 42 puts for the bid price of $0.18. It is the only FB strike to see volume above previous open interest, indicating new positioning.

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