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Mike Khouw spoke on CNBC's Options Action about unusually high bearish options activity in Ford Motor Company (NYSE:F). The put options trading volume was 2.5 times higher than the average daily put options volume and the most active option was the June 12 put.
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Around 12,000 contracts of the June 12 put were traded on Monday and traders paid around $0.55 for them. The trade breaks even at $11.45 or 6.76 percent below the closing price on Monday.
Khouw said the stock looks cheap on a trailing one-year basis, but in a longer-term view it doesn't look cheap. He added that the auto industry is highly cyclical industry, sensitive to oil prices and product cycle issues.