High Valuation Tech Name Sees Confident Opening Put Sale
Monday.com (MNDY) seeing 600 February $80 puts sell to open for $7.30 today as the stock tries to find a pullback low near the monthly VPOC support of 97. MNDY made a bottom earlier in the month near 75 on a strong earnings move that ran up to 115 and since has consolidated the move and held the lower edge of monthly value. The opening put sale at the 80 strike shows confidence at these levels and is willing to be long shares at 80 while taking in a $7.30 credit which makes the cost basis right near the 52 weeks lows near 73. MNDY has a 9% short interest so a name that can squeeze higher quickly.