Alcoa attracts some attention from option bulls

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Option traders piled into a bet on Alcoa Corp ( AA ) this morning. Exactly 1,000 contracts moved in a series of odd lots between 9:38 and 9:39 Thursday morning. All of the trades were at prices ranging from .85 to $1.00 per share. This seems to have been a programatic buy, and since the previous open interest was 167, it seems like this is a new position that was opened.

InvestorsKeyhole Trade Alert

IK-> The technicals for AA ($32.02 up $0.74) are neutral with a downward trend. The stock has support about $30.43. Look at the May 25/28 bull-put spread for a 20-cent credit. That's a 7.1% return and the stock has to fall by 12.6% to cause a problem. [InvestorsKeyhole, various news and data services]

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Options

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