JP Morgan Alerian MLP Index ETN (AMJ), which is an ETN that holds a basket of energy MLPs (Master Limited Partnerships), has added 72 cents to $36.34 and ones strategist sells 6,500 Sep 37 calls on the fund at an average of 52.5 cents, outright. It might close half a position opened on 7/27 when 11,000 traded at the offfer, which ranged from 45 to 60 cents on the session. Shares saw a violent 12.1 percent sell-off from 8/4 to 8/8, but have since rebouned to recapture the loss and are slightly above the levels seen when the calls were bought-to-open in late-July.
Category: All ETFs
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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.