Correction. Marothon Petroleum (MPC) adds 13 cents to $42.72 and a May 42.5 – 45 strangle is sold on the stock at $2.75, 27000X to open. The hefty premium sale traded on ISE, where ISEE indicate a firm initiated the trade. Looks tied to 351K shares at $42.70 and seems to express the view that the stock will hold around these levels, or between $42.5 and $45, over the next six weeks. Shares of the oil refiner have performed well lately and are up 31.4 percent year-to-date.
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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.