By Jud Pyle, CFA, chief investment strategist for the Options News NetworkAt least one investor might be looking for a drop in Capital One Financial ( COF) stock throughout the next couple of months. More than 17,000 of the Sept. 29 puts changed hands Friday, and almost all of them were traded to open as open interest is up to 16,500 contracts, vs. just 254 as of the close on Thursday. The volume-weighted average price of these puts was $3.5081 on Friday. On Thursday, after the close of the market, COF announced a per-share loss of 65 cents, compared to an expected 73-cent loss per share. The investor is betting that despite the positive surprise, COF earnings figures won't catalyze a lasting rally for these shares. Will COF shares see a rally, or won't they? Bullish investors could consider the stock's 200% rally since March 9 a case for more upside. For put-buyers, the rally could mean a pullback following the earnings season highs. Meet Jud Pyle live in Las Vegas at the Forex & Options Expo. Click here to find out more. 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. Mr. Pyle writes regularly about options investing for TheStreet.com.