ULTI seems forming a bear flag & seems link we have flag breakdown. At the formation of Flag it can decline to 193' Lower then expected earning release also giving us further confirmation for decline.
We would consider October $195 Puts (Currently $5.4), or October 180 Puts - (Currently $2.2)
Great cup on this breakout and this stock is doing well. The options are not holding HIGH OI, but i would look at OCT 185 calls for 10.30 but know the spread is 60 cents so this will loss that 60 per share until it moves to make it up. I think it will hit the 200 level within a few months....
Ultimate software group had decisively broke the long term daily trendline in late March 2014.
After finding its support and rebounce from 110, it was met with huge resistance at 150.
Hence, my first short target is 110, failing to hold could just mean that i have more profit.