On CNBC's "Options Action," Mike Khouw said Freeport-McMoRan Inc FCX traded about 2.5 times its average daily call volume on Tuesday and calls outpaced puts also by about 2.5 to 1. That was a result of a lot of activity in the December $33 and the December $40 calls.
During the session, he noticed a purchase of 16,000 contracts of the December $33/$40 call spread for $1.45. The trade breaks even at $34.45 or 13.02% above the closing price on Tuesday. It looks like this institutional trader is targeting the highs last seen in August, said Khouw.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.