Potash (POT) adds $1 to $38.38 amid strength in the fertilizer names following a bullish USDA June WASDE report released this morning. Options on POT are very actively traded and the flow includes a Jun 30 – Jan 25 calls rpead, bought for $5.61, 9400X. It appears to roll a positoin in deep in-the-money Jun 30 calls, which have 23K in open interest and the largest open interest position in the name, to a similar position in even deeper in-the-money Jan 25 calls. The spread has traded 22,500X and is a somewhat unusual rolling activity. They must be really high on POT. That’s what I’m saying.
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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.