Netflix (NFLX) missed earnings and was down 35% in just one day last week. That’s a massive amount for a stock that big to be down in a single day, and of course, it came with a huge amount of options action. NFLX options traded nearly 1.5 million contracts, which is over 12x the normal amount. The overall options action was bullish, which is not that surprising given how far down the stock fell on that day. It’s a standard strategy to bet on a bounce back from presumed overreaction to news.