Shares of Goldcorp are at four-month lows, but one large trader apparently believes that the slide is slowing for the gold miner.
A trader sold 5,000 July 30 puts for $1.65 against open interest of 3,268 this morning, according to optionMONSTER tracking systems. Around the same time, a block of 96,000 GG shares was sold for $35.50.
The combination of stock and options creates a delta-neutral position that looks for lower volatility going forward. The trade would be designed to take a maximum profit if shares remain range-bound and/or fall to the $30 level. (See our Education section)
GG has slipped 0.32 percent to $35.63 this morning. While the stock is off its worst prices of the day so far, it is trading at the lowest levels since the start of August.
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