tradeMONSTER: Trade free for 90 days

Options Trading News

December 13, 2012  Thu 9:28 AM CT

PSX: SEE CHART GET CHAIN FIND STRATEGIES
Shares of Phillips 66 are coming off their highs from earlier this week, and one large trade is betting on a floor beneath the oil refiner's stock.

optionMONSTER systems show that more than 23,000 PSX options have traded, more than twice its daily average for the last month. The biggest print is in the February 50 puts.

A trader sold 5,000 of those contracts for $2.50. The volume was almost 10 times the strike's open interest at the beginning of the day, so this is a new position.

The put selling is based on the thesis that PSX will hold above the $50 strike price in coming months. The trader is also willing to buy shares on a continued pullback below that level. (See our Education section)

PSX is down 2.4 percent on the day at $51.78. It hit $54.32 on Monday and closed the session at $53.58, both new highs. There is support at $50, but shares broke through that level only two weeks ago.
Share this article with your friends


Related Stories

PSX

Trader sees Phillips 66 in range

December 5, 2014

A put seller is apparently betting that the oil refiner will remain in a range that has been in place since the beginning of October.

tradeMONSTER: Trade free for 90 days

Premium Services

Archived Webinar

The Art of Trading: Forgiving the Spread

Education & Strategy

Know thy Greeks!

One of the most important roles played by the Option Pricing Model is the calculation of an important family of...

View more education articles »
optionMONSTER stockMONSTER tradeMONSTER