Should this rally be sold into? We need some selling pressure to relieve overbought conditions in my opinion.
We saw some unusual option activity in a few names:
– One customer bought 9800 HSNI March 35 Calls for $2.10, those Calls are $2.30 now (185 times usual volume)
– customer bought 9577 LYV April 10 Puts for $.70, (21 times usual volume) in the Jeremy Lin fade as Live Nation is the biggest competition to Madison Square Garden. MSG is up around 12% in the last week. Is MSG overvalued? Is Lin the new NY savior?
