Traders are selling calls in Goldcorp for the second session in a row.
On Friday optionMONSTER' systems systems found a large call sale in the January 40 strike, and today the action is in contracts going out another year. A trader sold 10,000 January 2015 45 calls for $1.94 this morning, below the listed bid price on a wide bid/ask spread.
These calls weren't traded against any shares that we can see, so it could be naked selling that would have an initial bearish bias but would profit with shares anywhere below $46.94 at expiration. They could also have been sold against long shares in a covered-call position , which would be bullish up to the $45 strike price but not beyond. (See our Education section)
GG is up fractionally to $31.16. The Canadian miner has been on a run for the last two weeks after dipping below $25. Current levels haven't been seen since early April, and GG was last above $45 in October.
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