The top trade in the US options market Wednesday morning was an order for 39,000 Delta Airlines (DAL, news, chart) January 12.5 calls trading for $1.80 a contract on the PHLX. Sources on the exchange tell WhatsTrading.com this was a sale. With open interest of 75,800 and a 91.8 percent rally in DAL in less than a month, the trade is possibly closing trade.
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Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.