Copper Plays - Update - Momentum Trades : Momentum Trades

Copper Plays – Update

Some of you may have scaled into the copper plays on Friday at lower entry prices from Thursday’s close thanks to the nearly 200 point rally in the Dow. I profiled some October and January call options and here is where they closed:

BHP Billiton (BHP, $69.54, down $1.35)
October 70 calls (BHPJN, $3.80, down $0.70)
January 80 calls (BHPAP, $3.40, down $0.50)

Freeport-McMoRan (FCX, $90.60, down $3.06)
October 100 calls (FCXJT, $4.10, down $1.40)

Southern Copper (PCU, $25.37, down $0.93)
October 25 calls (PCUJE, $2.20, down $0.65)
October 30 calls (PCUJF, $0.60, down $0.20)
January 30 calls (PCUAF, $1.45, down $0.15)

The October calls have 50+ days before they expire so we should be in good shape. The January calls do not expire until January 16, 2009.

Rick Rouse
Rick@OptionsMentoring.com

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