Pete Najarian Sees Unusual Options Activity In Steel Dynamics

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Speaking
on CNBC's Options Action
, Pete Najarian said that he spotted unusually high options volume in Steel Dynamics
STLD
. Approximately 4,000 contracts of the November 22 call options were traded today and investors were paying a premium of around $1.40. The break even for this trade would be at $23.40. The stock had a good trading session on Monday as it established new 52-week high and there is also a lot of bullish activity in the steel, iron ore and metallurgical space. Pete Najarian explained that investors believe that these sectors could move much higher, but it is hard to name a catalyst for such a move. Speculations about improving demand from China could be one reason. Steel Dynamics spiked 3.62% higher on Monday and it closed at $22.91.
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Posted In: CNBCLong IdeasOptionsMarketsMediaTrading IdeasPete Najarian
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