Novagold (NG) adds 18 cents to $6.55, as gold ticks $7 higher to $1621 an ounce Tuesday. Options volume on the Vancouver-based miner is running 3X the daily average, with 7,340 calls and 145 puts traded on the stock so far. Jul 6 calls, which are now 55 cents in-the-money, are the most actives. 4,910 traded (98 opercent Ask). July 7, Jun 7, and Aug 8 calls on NG are also seeing some interest and the 30-day at-the-money vols rose 1.5 percent to 70. Bullish tading in the stock comes amid a preiod of relative strength. Shares are up 24.4 percent from the 52-week lows seen less than a month ago. No recent headlines on the ticker.
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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.