Dan Nathan Sees Unusually High Options Activity In General Motors

Dan Nathan said on CNBC's "Options Action" that General Motors Company GM had two times average daily options volume on Tuesday.

When the stock was trading at $33.18, there was a buyer of 10,000 contracts of the July 32 puts for $0.38. The trade breaks even at $31.62 or 8.16 percent lower from the current stock price. Nathan explained that the position expires before Q2 earnings and after the auto sales report.