There has been a huge surge in December options. 4530 (453,000 shares) contracts @ $34 strike going for 80 cents. They must go to $34.80 to break-even. Someone paid almost $500,000 for these. At the 30 strike a like amount traded at $2.10. These individuals paid almost a million dollars with a break even at $32.10. Unusual volume all around and a lot of insider buying at EXXI and FCX. It seems to me someone knows something.
Again there is good option activity on a day when the general market is down. EXXI is up over 2% and $200K committed to $32 break-even by October expiration. Another $100K committed to Nov break even of $33 by November expiration.
Step, always vigilant--
It appears the run up in GULTU and EXXI is timed to the Highlander drilling out of liner, say below 25803'. A log ran after less than 400' new hole.
Dow peaked 9/20, and G and E are still plowing upward. The option activity is telling us a significant find is unfolding.
FCX run up seems more mkt influenced.