Novagold (NG) loses 20 cents to $7.93 and one strategist sells 20,000 Dec 9 puts on the gold miner at $1.625 to buy 40,000 Dec 7 puts at 60 cents. Looks like a roll and probably closes out positions opened in mid-June, which was apparently rolling out of Sep 9 – $11 put spreads to Dec 9s. Shares are down from $9.20, or 13.8 percent, since that time and the position is being rolled from in-the-money to OTM puts.
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.