Bears Bid up Puts in Sotheby’s

Shares of Sotheby’s BID are selling off by 2.95% today, currently trading $31.91. The stock has recently broken down through the 50-day moving average, retested the level, and look like they are breaking back lower toady. This is a bearish signal. Sotheby’s is also seeing in-the-money puts purchased on the name today. The May $35 put was purchased 1,500 times today on the bid; open interest on the strike is 1,619 contracts. Put volume is now running at 2.145x the daily average with 905 of all puts traded being purchases on the offer today. Sotheby's is an auctioneer of authenticated fine and decorative art, jewelry and collectibles.