Trader sees ceiling in silver fund
Chris McKhann | [email protected]
optionMONSTER systems yesterday detected the sale of 8,500 Weekly 24 calls that expire on March 14 for the bid price of just $0.03. There was no previous open interest in the strike, so this is a new position.
These calls may have been sold naked with an initial bearish bias. Or they could have been traded against long shares in a covered-call position, which would be bullish only up to the strike price. In either case the trader does not expect any gains above $24 in coming weeks. (See our Education section)
The SLV fell 0.76 percent to $21.02 yesterday, a day after posting its highest close since October at $21.18. The exchange-traded fund was down at support at $18.50 at the end of January.