CLF: $1.1m Bullish Rollover Into May

A large trader believes the slide is over for CLF. The option speculator placed a bullish call rollover on Friday at 10:40am by selling April 10’000 calls (most likely purchased a while back) and buying 10’000 of May calls.

screen-shot-2017-03-04-at-4-08-19-pm

The 10’000 May calls were purchased against 414 open interest, which indicates a new position. The overall cost of the May calls was a cool $1.1m.

screen-shot-2017-03-04-at-4-14-15-pm

The chart above appears to be supporting the bullish stance on the stock. The daily candles show that the price is currently sitting on 2 support lines.

 

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