McMoran Moran (MMR) loses 14 cents to $9.90 and options volume on the New Orleans, LA oil and gas company is running 4X the daily average, being driven by three-way spreads. Looks like Jul 7 puts are being sold on the stock at 12 cents, to by Aug 13 – 15 call spreads for 21 cents, 3500X on CBOE. 7500 traded total and appears to be opening activity — perhaps a “cheap” way, at only 9 cents, to play the stock for additional gains after a two-week 15.7 percent advance.
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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.