Bulls look for silver to break out
Chris McKhann | firstname.lastname@example.org
More than 73,000 SLV options have changed hands today, already topping the its full-session average for the last month. Much of the action was in the July 22 calls, where 40,000 contracts have been purchased with the largest block of 25,000 going for $0.77, according to optionMONSTER's Heat Seeker system system. This is clearly fresh buying, as the volume was well above the strike's previous open interest of 12,965.
Just before those trades, our scanners show that 7,250 March 20 calls were sold for the bid price of $0.65. So part of today's action could be traders rolling positions from March to July. (See our Education section)
The SLV is down 0.47 percent to $20.52 in midday trading. The exchange-traded fund is in the middle of its recent range between $20 and $21 for the last month. Shares were above $23 back in August.