Puts Rolled in Freeport (FCX)

Shares of FREEPORT-MCMORAN COPPER & GOLD FCX are lower on the session by 4.10%, currently trading $66.86, and bears are continuing to target the name. I am detecting a bearish put roll in the name, where the May $60 puts were sold and the June $65 puts were purchased 10,000 times. Volume on those lines has since grown to over 23,000 contracts each. This trade was done for an average net credit of $0.425. FREEPORT-MCMORAN COPPER & GOLD has now broken the 200-day moving average, tested, and fallen once again. That is quite the bearish sign for the stock.
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Posted In: Short IdeasTechnicalsOptionsTrading IdeasDiversified Metals & MiningMaterials
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