May. 7 at 11:28 PM
$FUTU took a hit today, down nearly 14%
Not looking good with all the action on the put side
Traders are loading up on puts and paying for that volatility to cover downside risk
Options flow shows a
$2.3M premium all in puts over the last week
That's 5,940 contracts focused on protection, not dip-buying
Those big put buys for May 15 to 22 are eyeing more turbulence
Watch out for those June 5 put sweeps too
They're way out of the money but seeing heavy volume, hinting at fears of a deeper drop
Unhedged long positions might want to stay cautious until things settle
