US Steel (X) adds 30 cents to $23.49 and in the midst of an impressive two-week 31 percent advance. One player in the options market might be looking to hedge recent gains and bought an Oct 20 – 23 put spread on X for 92 cents, 13500X on ARCA. Open interest in the Oct 20s is more than 22K and so the spread might roll up in strikes. Co reported earnings on 7/31.
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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.