Just a short quick note. Seeing very large and unusual call option buying at KGC March $17 calls. Over 8000 contracts have traded vs. open interest of only 416. Nearly all of them hitting the offer side. Following the fast money, I am doing the following call spread:
- Buy to open March $17 calls - Sell to open March $20 calls
Buying the above call spread for a net debit of $0.95.
I have Masters in Business (Accounting and Finance 2003) from Michigan State University. I have been trading the market since 1998. Prior to picking up trading as a full-time career in 2008, I was a management consultant at Alvarez & Marsal and Conway MacKenzie for four years. I provided turnaround, crisis management and restructuring services to financially distressed firms. Prior to working in turnaround, I worked in Audit & Assurance at Deloitte & Touche for two years. Trading in the market has always remained my side business ever since I started college. 90% of the time, I trade through options. I love volatility skews and positive Theta plays. While I make a lot of directional bets, in general my favorites are to take advantage of high implied volatilities through calendar or butterfly spreads and vertical credit spreads. I never buy straight calls or puts and I do a lot of exotic multi-leg option trades.