Traders bet payment stock Visa will plunge further $V (via OptionsAction)
At the same time, some traders were actively betting against the payment space, particularly in the stock of Visa, which saw twice its average daily options volume, Brian Stutland, trading expert and chief technology officer at Equity Armor Advisors, said Monday on CNBC's"All of a sudden, option volume ... started to explode" as the broader market rolled over despite an earlier upgrade of Visa shares from Citigroup analysts, Stutland said.
That's "basically saying, 'Hey, the stock, by this Friday, could hit $178 to the downside here,'" Stutland said. That trade was already playing out on Tuesday as Visa's stock fell nearly 3% to just below $177. And, with Visa and Mastercard trading at sky-high price-to-earnings multiples and Visa paying out a considerably small dividend yield, the group is "not that exciting" to Stutland.
But the pain won't necessarily last, according to Carter Worth, chief market technician at Cornerstone Macro.
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