Almost 400,000 FCX Call options were purchased today!!
How many people think this is a "screaming BUY" signal?
Especially, since they are all expiring NEXT week!
Also, they were purchased "deep in the money", right before
the FCX earnings report..
All comments and insights are welcome!
Open interest is the number of current contracts so when volume is greater than open interest, new positions are being extablished. If volume is less than open interest then more research is needed to determine if they are closing positions or creating new ones.
I had thought of that , but this buying covered the entire spectrum of Jan Calls.
Also, many of these buys exceeded the entire current open interest!
50,000... 60,000...92,000, etc...
Not sure what it all means, right now...