Calls Purchased on GMX Resources (GMXR)
January 03, 2011 2:23 PM
Shares of GMX Resources (NASDAQ: GMXR) are higher on the session by 11.96%, currently trading at $6.18. The stock has been moving largely higher over the past three months and is currently trading above the 50-day moving average.
Options traders are buying calls on the name today. A short while ago the January 2011 $6.00 call was purchased 1,700 times, on the offer, on open interest of only 619 contracts. This signals new positioning on the name.
Overall call volume is now running at 7.97x the daily average with 82% of all calls traded being purchases on the offer.
GMX Resources Inc. is a pure play independent oil and natural gas exploration and production company. The company is focused on the development of Haynesville/Bossier Shale and Cotton Valley Sands in the Sabine Uplift of the Carthage, North Field of Harrison and Panola counties of East Texas (its core area).
