Stillwater Mining (SWC) touches new 52-week lows and is down a dime to $8.49. Options trades on the Billings, MT metals and minerals company include a multi-exchange sweep of 4,400 Oct 9 puts at $1.15 when the market was $1.15 to $1.30. A customer sold-to-open, according to sentiment data. 5,095 traded. After a six-day 35.3 percent plunge, the contract is now 50 cents in-the-money and today’s put writers are possibly looking for the stock to recapture a portion of that loss (move beyond $9) through the October expiration. Implied volatility in options on the stock has eased 3 percent butr remains elevated at 102.
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.