Pete Najarian, co-founder of OptionMonster

The economic crisis has been steadily pounding Harley-Davidson's ( HOG) shares lower by the day, and now traders are aggressively buying puts as well.

Options activity accelerated Wednesday afternoon as traders bought the April 7.50 puts in large numbers for 75 cents, according to OptionMonster's tracking systems. The stock dropped to a new 52-week low of $8.72 in intraday trading, and the put buying intensified even after the shares pulled off that bottom as the rest of the market rose.

The stock closed at $8.90, down 3.89% for the day. Harley-Davidson hit its high of $48.05 in September as the global financial turmoil was just beginning.

At the time pf publication, Najarian had no positions in Harley-Davidson.

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