Elevated Put Trading Continues, But In Different Manner (MMC)
McMoRan Exploration Company (NYSE: MMC) is seeing some elevated put options trading this Tuesday and it stands out because option activity was elevated last Thursday in a different manner. Last week on Thursday it was pointed out by optionMONSTER that over…
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McMoRan Exploration Company (NYSE: MMC) is seeing some elevated put options trading this Tuesday and it stands out because option activity was elevated last Thursday in a different manner.
Last week on Thursday it was pointed out by optionMONSTER that over 3,900 March $14 puts had traded against an open interest of just 264 contracts. Their tally was that these were new positions. So what about more? What about a lot more? Some of these may be sales or exits of a position, but there have been 5,477 contracts traded in the March $12 puts versus a prior open interest of 28,012 contracts. In the March $13 puts, there have been 10,302 contracts traded against a prior open interest of 11,364 contracts.
If there is a fear that no one knows, it is not reflected in the stock today. Shares are up almost 1% at $13.96 and there is nothing unusual about the 1.48 million shares which have traded hands so far. The 52-week trading range is $8.25 to $19.26 and the market cap is only $2.25 billion.
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
