One investor is determined to make money in U.S. Steel.
optionMONSTER's Heat Seeker monitoring system detected the purchase
of about 5,000 May 22 calls for $1.29. Two minutes late some 10,000
April 25 calls were sold for $0.21, but volume was below open
This indicates that the trader previously owned the April 25s in
hopes of a rally but is apparently worried that it might take
longer to occur. He or she now has an additional month of
while lowering the strike price.
The resulting position will provide more leverage to the upside
over a longer time frame. The investor paid $435,000 to make the
switch. (See our
X is up 1.79 percent to $21.08 in afternoon trading but is down 11
percent so far this year. The stock been trying to climb since last
summer but recently has been hitting resistance at its 200-day
Total option volume is almost twice the daily average so far in the
session, with calls outnumbering puts by more than 4 to 1.
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