AK Steel (AKS) is up 22 cents to $5.22 and Sep 5.5 calls on the steelmaker have seen a flurry of activity in afternoon trading Friday. The flow includes sweep buyers paying 20 to 23 cents per contract. ISEE indicate opening customer buyers (6729 AKS calls bot-to-open, or 100 percent of the volume in the calls on the stock, on ISE so far). Total volume in the contract is 10,734 against 3,143 in open interest. Dec 5.5 calls are the second most actives. 1,188 traded. 30-day ATM implied volatility is up about 3 percent to 68. Bullish trading in AKS today might be in reaction to news the company is raising steel prices.
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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.