DryShips draws heavy call selling
A large call sale dominated yesterday's option activity in DryShips.
optionMONSTER scanners detected the sale of 5,000 September 7 calls for $0.11. This is a new position, as there was no open interest in the strike before the trade appeared.
The calls weren't tied to any trading in the underlying shares identified by our systems yesterday. The contracts could also have been traded against an existing long position as a covered call but, given how far out of the money they are, they could have been sold naked with an initial bearish bias. (See our Education section)
DRYS rose 0.59 percent to $3.40 yesterday. The shipping company hit a high of $5 a month ago and was last above $7 in 2009.
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