After a nasty reversal in the opening minutes of Tuesday’s trading, it’s been a sleepy day for stocks and options... But that doesn’t mean we want to get caught napping on the big orders hitting the tape!
In Tuesday’s Blitz Daily, we take a look at basic materials company Freeport-McMoRan as options activity jumps ahead of its July 21 earnings event.
We’ve seen some large call buying in the copper names hit the tape since Monday's pullback.
The red metal has been hit hard by high inflation and strict COVID-19 lockdowns in China during the second quarter. Copper miners like Freeport have been cut in half since the end of March.
And bullish traders were out in force buying the blood on Tuesday!
Of course, that wasn’t the only name seeing outsized options activity. I have five more top trades hitting Tuesday’s tape waiting inside...
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