EXCO Resources (XCO), a Dallas, TX independent oil and gas company, is down 13 cents to $15.54 and options volume is 2X the average daily, led by a buyer of Sep 12.5 – 17.5 bullish risk reversal, 2000X on PHLX. Looks like the strategist paid 30 cents to buy calls, sell puts. It also appears to be a new position and was likely tied to 100K shares at $15.15.
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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.