Goldcorp (GG) adds $1.74 to $51.63 after gold closed at a record $1852 an ounce. The yellow metal was up 6.3 percent on the week. Goldcorp options action today includes an Aug 49 – Sep 52.5 call spread at .504 cents, 10000X on PHLX. Looks like a roll of in-the-money Aug calls to Sep, as only minutes remain to trade August 2011 options contracts. The strategist is selling-to-close in August, but looking for additional upside in GG and opening in September. Shares, which saw heavy selling after a disappionting earnings release on 7/27, has been performing well lately and is up 12.5 percent since Aug 4.
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.