Under Armour (Ticker UA) gapped up a couple of weeks ago but the signs are telling us the buyers are getting tired. The volume has been consistently dropping since the spike occurred the day of the gap and there is a nice role reversal target that can help us leg into a long-term diagonal calendar put spread. Once you have bought the Jan ’16 110 puts you will then wait for the stock to drop before selling the front month at the money puts to complete the spread.
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