Put Spread Sold on Massey Energy (MEE)

Shares of Massey Energy MEE are lower on the session by 0.97%, currently trading at $32.81. The stock has been moving largely lower over the past six months, though appears to be in a long-term bottoming “cup.” One options trader seems to echo this bullish tone; the January 2012 $30/40 put spread was sold 2,800 times for $5.52 a short while ago. Volume exceeded open interest on the $30 strike, though not on the $40 strike. There has also been a similar trade on the January 2011 $40/30 strikes as well. Massey Energy Company is a coal producer in the United States. It produces processes and sells bituminous coal of various steam and metallurgical grades, primarily of low sulfur content, through the 23 processing and shipping centers.