On CNBC’s “Fast Money Halftime Report,” Pete Najarian said traders bought 3,400 contracts of the January $33 calls in Occidental Petroleum Corporation (NYSE:OXY) on Tuesday. They paid between $2.50 and $2.70 for them which sets the break even for the trade at around 17% above the current stock price.
Najarian has also noticed a purchase of 4,000 contracts of the November $33 calls in VanEck Gold Miners ETF (NYSE:GDX), all in one print. This tells him people are starting to diversify a little bit more. He likes both Occidental and GDX.
