Option volatilities got absolutely hammered in NWS on Thursday and continued to do so in yesterdays market as well, so suggest a mixture of this, theta and paying too much initially.
As a market maker in NWS it was incredible to see the implied vols die so drastically, (implied are now under the 100 day real vol level), especially with the imminent S&P500 inclusion in the US.
Still think there is significant upside to be had, but perhaps the stock may stop for a breather at this stage in time.
