Market News

October 15, 2013  Tue 9:40 AM CT

Cemex has been pulling back in the last month, but one trader apparently believes that the slide is ending for the Mexican cement maker.

More than 3,100 November 9 puts were sold in less than 3 minutes this morning for $0.07 and $0.06, according to optionMONSTER's tracking systems. The volume was above the strike's open interest of 2,270 contracts, indicating that this is new activity.

This put selling is looking for CX to stay above $9 through expiration in mid-November. The trader will be on the hook to buy shares if they fall below that strike price. (See our Education section)

CX is off 0.65 percent to $10.74 this morning as it tries to hold support at current levels. The stock spiked above $20 in mid-September but had been trending lower since, breaking below its 200-day moving average a week ago.

The company is scheduled to report third-quarter results on Oct. 24.
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