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Assured Guaranty Ltd. (AGO: sentiment, chart, options) is attracting heavy put volume today, according to data from The stock has seen some 1,856 puts cross the tape, representing 2.41 times its average daily volume. It seems that a fair portion of the day's put volume consists of newly purchased positions, with 94.4% of the contracts crossing near the ask price.

Most of the action is happening at AGO's June 12.50 put, where 1,821 contracts have changed hands on open interest of 4,878. A single block of 1,418 contracts traded at 10:23 a.m. for a price of $0.35, near the ask. Implied volatility on the option jumped by 1.8% following the trade.

Assuming these puts represent the initiation of a new bearish bet on AGO, the trader is looking for a sharp drop in the shares prior to next Friday's expiration. The stock is currently trading at $14.71, and enjoying the support of its 10-day and 20-day moving averages. These two trendlines have guided AGO higher since mid-March.


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