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writer, OptionMonster
Shares of Century Aluminum are up 1,000 percent from their March lows, but at least one trader is looking for the stock to give some of that back.
CENX [CENX
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] tacked on 11.5 percent yesterday to close at $10.76, following Alcoa's surge [AA
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] from its positive earnings surprise. That price is roughly 30 percent higher than just a week ago but remains below the August and September highs above $12.
OptionMonster's real-time systems show that more than 20,000 of the January 7.50 puts were bought, the largest block of 17,599 going for $0.60. Open interest at the strike was just 1,730 contracts, so the trade was clearly opening new positions.
A large block of CENX stock traded at roughly the same time, so this could have been a directionally neutral trade based on the belief that volatility will increase.
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Options Trading School:
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Chris McKhann is an analyst and writer for OptionMonster.
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Data is a real-time snapshot *Data is delayed at least 15 minutes