Freeport receives show of support
Chris McKhann | [email protected]
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.