Puts Purchased on Reliance Steel & Aluminum (RS)

Shares of Reliance Steel & Aluminum

are higher on the session by 0.51%, currently trading at $58.57. The stock has been moving largely higher over the past six months and is currently trading above the 50-day and 200-day moving averages. Options traders are buying puts on the name today. A short while ago the March 2011 $55.00 put was purchased 3,000 times, on the offer, on open interest of 83 contracts. Overall put volume is now running at 19.54x the daily average with 90% of all puts traded being purchases on the offer. Reliance Steel & Aluminum Co. is a metals service center company. The company's network of metals service centers operates more than 200 locations in 38 states, Belgium, Canada, China, Mexico, Singapore, South Korea and the United Kingdom.