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December 12, 2012  Wed 9:34 AM CT

FCX: SEE CHART GET CHAIN FIND STRATEGIES
One trader apparently believes that Freeport-McMoRan Copper & Gold will continue to hold support through 2014.

optionMONSTER's systems detected the sale of 4,000 January 2014 23 puts for the bid price of $1.50. The volume was well above the strike's open interest of 2,516 contracts at the start of the session, so this is a new position.

The put selling is a bet that FCX will hold above $23 through the next year. Shares haven't been below that level since the middle of 2009. (See our Education section)

FCX is up 0.42 percent this morning to $32.11. The stock gapped down from above $38 last week and traded as low as $30.54, its 52-week low, but today is above support that held up through the middle of the year.
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Education & Strategy

Gamma

As we continue to discuss the Greeks, we come to the first of the strike based Greeks called Gamma. Gamma is known as the second derivative, while delta is the first.

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