Market News

February 26, 2014  Wed 3:16 AM CT

A large trader apparently believes that upside potential is limited in the iShares Silver Fund.

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. 
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