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Trader bets Goldcorp will hold firm

Chris McKhann (chris.mckhann@optionmonster.com)

A large trader is betting that Goldcorp will hold support.

optionMONSTER systems detected the sale of 4,949 November 23 puts for the bid price of $0.95 today. This is clearly a new position, as open interest was just 579 contracts before the trade appeared.

The put seller is looking for GG to hold above $23 in coming weeks. The trader also takes the risk of having to buy shares if they are below that strike price. (See our Education section)

GG is down 1.81 percent to $23.59, which would be its lowest close since early July. The Canadian miner was up at $32 in late August.

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