Our Hot Money monitor triggered a bearish alert in CVS Health Corp. (CVS).

I'm seeing interesting OTM put buying in the August 6th expiration with 4k contracts purchased.

Even though shares rebounded with broad markets, sellers are coming in late day pushing down prices.

Here's what I'm doing…

Buy-to-open the CVS Aug 6th, 2021, $81.50/78.50 put spread

At last glance, this is trading at $1.11 per spread.

If prices push above $82.89, I'll be exiting this position.

Let’s manage our risk before entry and I’ll keep you updated every step of the way.