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"Or, better yet could explain to me why there were 10's of thousands of put option contracts being traded at strikes $30 out of the money with 8 days until expiration (this was from Thursday)"

On Thursday, BSC was trading in the range from 58.60 to 50.48 with a previous close of 61.58. Clearly, this stock was in free-fall before Noon that day. I seriously considered a put option on the stock myself, or a combination of a put option and a call option. After all, if something was going on, this stock would drop quite a bit more, and if it was just a rumour, the stock might go back up quickly, at least to the 18-year uptrend line (which it broke downwards for the fist time on Thursday morning).

Too bad I chickened out! I could have made an easy $10K overnight (or double that had I gone for my usual 10 contracts). But no doubt many professionals (or amateurs like me with just a little more experience or b@lls), did pull the trigger, as witnessed by your put option observation...  

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