McMoran (MMR) loses 37 cents to $14.24 and a Mar 15 – 18 call spread is apparently bought on the stock for $1.98, 3000X. It might roll a position up in strikes after a 21.4 percent month-to-date rally in shares. Open interest in Mar 15 calls on McMoran is 22,872 and the second largest position in the name behind Apr 12 puts.
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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.