February 8, 2017
Talk about a cool brand falling from grace.  It seems like nobody loves Under Armour anymore.  First, it’s the anti-hunters hating UAA for sponsoring hunters.  Then hunters hate UAA because they caved to anti-hunters and dropped sponsorship of someone who speared a bear.  Now it’s the market hating on UAA because their numbers didn’t match the “rah rah!” forecasts of its CEO.  The stock dropped 30% last week on disappointing earnings.  Me?  I buy their t-shirts when they’re on sale.  T-shirts don’t last long on the Preston ranch, and I don’t mind being unpopular.  And to be unpopular with the market would be to take a bullish stance on UAA.  If you think UAA isn’t down for the count quite yet, and that the stock might not drop much more, the short 19.5 put in the March weeklies with 30 DTE is a bullish strategy that has a 75% prob of expiring worthless, creates just over $1.00 in daily theta, and has a .30% theta return on capital.