Sandridge Energy (SD) loses 4 cents to $7.50 and the Jan 5 – 7.5 strangle is bought at $1.82, 9340X. More than 10000 now traded. Open interest is sufficient to cover in both contracts, but this is possibly a volatility play in anticipation of a big move in shares of the Oklahoma City, OK oil and gas driller between now and Jan 2012.
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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.