RIG has a Date with $35 and this is Why

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells across the world. If we look at the chart, every single matrix using the Ichimoku Cloud tells me that the stock is headed lower. It is trading under the Ichimoku Cloud, it is under the 9 and 26 period moving average, and both the past and future look weak. Combine this fact with a trader who bought 12,000 plus May 37 Puts for $.70. I jumped on this trade for $.77 and almost hit Target #1 at $.90, lets break down this trade.

The Trade: I bought the RIG May 37 Puts for $.77
Risk: $77 per 1 lot
Targets: $.90, $1.10, $1.30 and $1.50

Greeks of this Trade:
Delta: Short
Gamma: Long
Theta: Short
Vega: Long.