Thompson Creek Metals put volume is 20x normal today, with 26,000 contracts trading (vs 614 calls), on the heels of several days of heavy put volume in the name. Shares are near 3.40 and in-the-money Dec 4 and 5 puts have been the most active today, and on the week nearly 20k Dec 5 puts have traded and open interest at the strike has grown from 14K to 28K, suggesting a roll of long puts from a few deeper strikes (Sep 7s) down and out a bit. TC shares have lost more than half their value since march.
About the Author (Author Profile)
Henry Schwartz is the president of Trade Alert LLC, a provider of real-time options analysis tools to leading Wall Street firms. His systems analyze hundreds of thousands of transactions per second to help professionals identify and interpret market activity in real time, supporting informed trading decisions and intelligent idea generation. He has held institutional trading and management roles with Bank of America, Bear Stearns, Salomon Brothers and the Hull Group, and made markets on the CBOE and AMEX floors in the US, and EUREX and MONEP overseas. Prior to founding Trade Alert, he led the electronic market-making group at Bank of America coincident with the launch of the International Securities Exchange. He received his bachelor’s degree in Economics from the University of California, San Diego and his MBA from NYU’s Stern School of Business.