Options trade - Bull Put Spread
technical - seems like a two legged correction in a weak of equal amounts has indicated a pause in price ;
The at the money put at 16.50 is sold for credit for Aug 20th expirey;
The out of money put at 15.50 is bought for debit
net credit $1000
1. If > 16.50 at expires keep money
2. if between 15.50 & 16.50 try to get out around breakeven...
3. If really goes down hard < 15.50 strike or breakeven point, may have to roll down for small loss...
Not a fortune...
around 16.90 ( as mid price)