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The other bearish bet was on Coke. The stock has been on a massive run courtesy of its nice dividend, strong earnings and status as the ultimate safety play. But as Oppenheimer's Carter Worth and Cantor's Mike Khouw pointed out, defensive names can't work in both good markets and bad, and if there is a recovery, investors will rotate out of consumer names and into growth stocks. On the flip side, if the market's going to tank, Coke will not be spared. Said Mike Khouw: "You can't have it both ways."
His trade and breakdown are below.
MIKE'S COKE OPTIONS TRADE- Stock was at $69
HOW MIKE’S COKE TRADE MAKES MONEY
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COKE News & Analysis
DATA IS REAL-TIME EXCEPT NOTED WITH *
* DATA DELAYED AT LEAST 15 MINUTES