On CNBC's "Options Action", Dan Nathan spoke about unusually high options activity in Snap Inc SNAP, ahead of earnings. The company is going to report earnings on Tuesday and the options market is implying a 13 percent move in either direction.
Related Link: Snap's Bears And Bulls Heading Into Q3 Earnings
The options volume was 1.5 times the average daily options volume and Nathan noticed some buying of the November 20/21 call spread. Around 6,500 contracts were traded and Nathan believes that this trade is like a lottery ticket. He added that $17 is a significant resistance for the stock, while its September low of $13 should be a significant support.
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