NovaGold (NG) is up 56 cents to $6.86, session highs, and options volume is 3X the recent average daily. 5,500 calls and 1,360 puts traded so far. April 5 and March 7.5 calls are the most actives. The top trades of the day include a Sep 10 – 12.5 call spread at 26 cents, 272X on CBOE. So, most of the action has been in smaller lots, but given the gains in the share price and increasng call volume, overall sentiment seems directionally bullish. The Vancouver based gold miner announced completion of $100 million in financing today.
About the Author (Author Profile)
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.