Traders see Petrobras hitting a bottom
Chris McKhann | [email protected]
Topping the action are the January 24 puts, which have traded more than 12,500 times against open interest of 5,149 contracts. All of the big institutional trades went for the bid price of $1.05, including blocks of 6,000, 3,000, 2,000, and 1,000.
This put selling is looking for PBR to stay above the $24 strike price through expiration. On Wednesday optionMONSTER's systems detected straddle selling in the Brazilian oil and natural-gas company. (See our Education section)
PBR trades at $27.18, down fractionally on the day. Shares have been trending up for the last month from a 52-week low of $20.76, but the gains have not made up the losses from August and September. The stock was above $35 in late July.