Puts Purchased on Safeway

Shares of Safeway Inc. SWY are trading slightly higher on the session today, currently at $23.37, but one trader is betting that the stock makes a move lower. The June $20 put was just purchased over 1,750 times for $0.15 on open interest of 2,507 contracts. This may indicate that a position has been closed, though a bearish thesis was still voiced with the purchase. Safeway is testing the 200-day moving average; it remains to be seen if there is enough support to hold the level, though the above trade suggests there is not.