I am looking at a speculative option trading opportunity in CMG (Chipotle Mexican Grill). The stock has been selling off a bit since releasing its 2nd quarter earnings release and following a 23% rise in July. The strategy I am looking to use is a bearish “put” butterfly. A butterfly spread with this structure looks to gain value as the stock goes lower. Using the put options that expire in 10 days, on August 21st. I like buying one 760 put, selling two 740 puts and buying one 720 put. Currently with CMG trading at the $741 area, this spread is trading at a mid price of $6.75 per spread. I look to close the trade when it reaches a 15% profit based on the cost of the trade. I will also close it if it reaches a 15% loss. This is a speculative play so I will keep trade costs low. Mark Fenton