JJ Kinahan On Nike Options Action

Speaking to Benzinga, TD Ameritrade Chief Strategist JJ Kinahan said that Nike Inc NKE had significant Put sellers on Monday at the March $95 strike price.

Kinahan noted that action in the Calls did not appear to have any discernible pattern with both buyers and sellers active at the $100 strikes

In comparison, the March $95 and $94.50 strikes appeared to have a pattern.

"It's one of two things, either speculative or they're drawing a line in the sand and saying ‘if Nike goes down to this level, [then] give me Nike,'" according to Kinahan

The company was scheduled to report Q3 earnings on Thursday.

Ahead of its earnings release, Nike Inc traded at $97.45, down 0.06 percent.

Kevin Riley and Brianna Valleskey contributed to this report.