Put selling hits First Majestic Silver

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Put selling leads the option activity in First Majestic Silver today.

More than 5,600 AG options have traded this morning, mostly in the July 12.50 puts. Those contracts were sold in relatively small blocks, with the bigger ones going for $2.10 to $2. The previous open interest was 159 options, showing that new positions were established.

Traders appear to be acting on a newsletter suggestion to sell the puts uncovered, as the volume is typical of such a recommendation in several small prints. (See our Education section)

AG is up 1.2 percent to $11.26 today. Shares of the silver miner have been trending higher from $9 since the start of the year and reached $12.40 three weeks ago.


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