Put selling hits in ArcelorMittal as it continues to rebound off Thursday's eight-year low.
The Luxembourg-based steel maker is up another 2 percent today, trading at $14.76. MT hit $14.12 in Thursday's session, its lowest level since 2004.
The gains of the last two sessions have brought shares back to the middle of Wednesday's trading range. The stock has fallen from above $18 a month ago and above $35 at its 52-week high in early July.
A trader sold 2,000 December 14 puts for the bid price of $2.29, according to optionMONSTER's systems. The previous open interest was 189, so this is new activity.
The trader is selling puts in the expectation that MT will remain above $14 through that December expiration. The position also expresses the belief that MT won't rocket higher. Finally, the trader is willing to buy the stock at the strike price if shares are below it at expiration. (See our Education section)
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