Bears Target CIT

CIT Group (NYSE: CIT), who recently reemerged from bankruptcy, is seeing a large bearish bet this afternoon even as the stock moves lower. The July $35 put was purchased on the offer 20,000 times a short while ago. This volume vastly outpaces the open interest on that strike and suggests that new, bearish positions were purchased.

CIT Group is currently trading lower on the session to $40.50, off 2.995 on the session. The 50-day moving average rests around $38.00 for CIT Group and I would expect increased volatility in the name as it sells off to that level and finds some support before making another large move.