Fastenal At Key Pivot Point (FAST)

Shares of Fastenal Company FAST are lower on the session by 0.95%, currently trading at $51.14. While the stock has been rallying for the past few weeks, FAST remains in a technical downtrend and is at the technical sell point right now. The stochastics also point to a short-term top. Options traders are echoing the negative tone. Just a short while ago, the October $50.00 put was purchased 911 times on open interest of 128 contracts and the November $55.00 put was purchased 1,005 times on open interest of 246 contracts. Put volume is running at 3.27x the daily average. Fastenal Company sells industrial and construction supplies in a wholesale and retail fashion. As of December 31, 2009, the company had 2,369 store locations located in the United States, Puerto Rico, Canada, Mexico, Singapore, China, The Netherlands, Hungary, and Malaysia. For more great research like this, as well as how to play it through options…please visit Benzinga's Options & Volatility Edge and Benzinga's Cash Generator.