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
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