Cart (0)
VIDEOArcelor Mittal "Steels" the Show
Sales are matched, shares are up.
 |
|
After chalking up gains in steelmaker Arcelor Mittal (MT), at least 1 major institutional trader is locking in profits and betting on more upside.
optionMONSTER's Heat Seeker system detected the sale of 9,500 May 24 call contracts for prices of $3.84 to $4.08 against open interest of 9,510. Each of the sales were matched by an equal number of new positions in the May 28 calls at prices of $1.92 to $2.08.
Arcelor shares are up more than 40% to $26.62 this month, as capital returned to the materials sector. By rolling from the May 24 to the May 28 calls, investors reduced some risk and will profit dollar-for-dollar on moves above $28.
In addition to these trades, at least 1 other investor purchased an additional 2,500 May 28 call contracts for $2.25. Today's activity caused Arcelor's put/call ratio to fall to an unusually bullish level of 0.03.
In memory of our fallen friend and trusted colleague, Bennet Sedacca, 100% of the donations made to the RP Foundation through April will be channeled to philanthropic endeavors consistent with the RP mission, working closely with the Sedacca clan in the distribution of those funds. We thank you kindly for your support as we strive to effect positive change in the lives of children.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
