Puts Rolled in Lincoln National (LNC)

Shares of Lincoln National Corp. LNC are lower on the session by 0.89% today, currently trading $27.77. The stock recently breeched the 50-day moving average to the downside and is trading near the 200-day now. It looks like the $25 level is support for the stock, but one trader is betting that the stock breaks lower than that. In the October contract, the $27 put was sold 10,000 times for $3.62 and the $22 put was purchased 10,000 times for $1.82. Given the open interest, this was clearly an options roll where the trader took profits on the 27 put and initiated a new position lower. This is either an out-and-out bearish position or protection on long shares. Either way this trader is thinking that downside pressure is possible over the next few months.