Put-Buyers Pile Into T. Rowe Price

However, the put-buyer may also just be betting on a snap lower in the shares after the run of better than 40% that the shares had from the lows on Nov. 20 up until Monday's close. The April 30 puts, for example, are already marked at $5.40, demonstrating how option players do not need to wait until expiration to have an option trade play out.

This activity in TROW may also play out in other sectors of the market that have had large runs since the lows that we reached Nov 20. JPMorgan Chase(JPM Quote), Wells Fargo(WFC Quote) and the rest of the regional bank sector is one example. Option investors should keep this potential for retracement in mind.

Jud Pyle is the chief investment strategist for Options News Network and the portfolio manager of TheStreet.com Options Alerts. Click here for a free trial for Options Alerts. Pyle writes regularly about options investing for TheStreet.com.