Mike Khouw Sees Unusual Options Activity In Palantir

On CNBC's "Options Action," Mike Khouw said Palantir Technologies Inc PLTR traded around 200 million shares and over a million options contracts on Tuesday.

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Calls outpaced puts, but the activity that caught Khouw's attention was on the put side and almost all of it was very short-dated. He noticed a big activity in the May $18.5 puts and the May $19.5 puts.

This was not the WallStreetBets crew as these trades were larger blocks, a couple of thousand contracts, said Khouw. He knows these were the opening trades as they exceeded open interest.