Despite a 106% rally off its 52-week lows, Advanced Micro Devices' stock may not be in the clear yet, says Dan Nathan.
One trader, in fact, placed a bearish bet on one of the sector's top-performing names:"Put volume was 1½ times that of calls" in AMD, Dan Nathan, co-founder and editor of RiskReversal.com, said Monday on CNBC's "The bet that caught his eye was a purchase of 10,000 of the $28-strike puts expiring Aug. 2, shortly after AMD's upcoming earnings report in the last week of July. The trade was executed when shares were trading around the $31.30 level on Monday.
Even now, AMD's stock looks like it's ready to take off "despite a trader buying those puts," Nathan said, pointing to the chipmaker's one-year chart., which tracks the semiconductor sector, AMD's run has been notably positive, especially considering some of the recently reported results from the space, Nathan said.
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