we appreciate it. >> thank you very much. >> gregg fisher of gerstein fisher.e "fast money" straight ahead. ♪ ♪ [ female announcer ] you're the boss of your life. in charge of long weekends and longer retirements. ♪ ask your financial professional how lincoln financial can help you take charge of your future. ♪ >>> welcome back to "fast money." we are live at the nasdaq markets outside of new york city's times square. wild day for jcpenney. shares spiked 5% midday after the company was upgraded by gifford securities. but often traders not convinced. mike, what did you see today? >> what we saw actually was one institutional trader buying the may 12 puts. this is interesting because those expire in only 44 days. and for those to be in the money, spending about 40 cents for those things, it's going to have to go $11.60 by may expiration which is a decline of more than 20% of where it is right now. the puts are higher than the amount of calls and only a little lower than it was before march expiration. in general, options traders are positioned fairly bearishly on