Dendreon (DNDN) loses 56 cents to $7.79 and one strategist initiates a three-weay spread on the biotech. 4,560 Jan 9 puts were bought on the stock for $1.94 and the Jan 7 – 10 strangle sold at $1.35, 6900X. In other words, they apparently sold Jan 10 calls to buy the 3X2 Jan 7.5 – 9 put ratio spread. The positoin looks opening and was tied to 220.4K shares at $7.75.
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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.