[Buying Puts on Alcan Inccue Metal Group (AL)/Buying to Open Dec 50 Puts (ALXJ)/Day Order/Limit $5.60]
Dear Member:
Alcan (AL) has broken below the 50 day moving average and a level of support. There is some confirmation of a downward bias from a DMI crossover and the appearance that MACD is turning over. There is also some suggestion that some money is moving out of this stock. I am placing an order to buy the Dec 50 Puts (ALXJ) at a limit of $5.60 for the day.
DISCLOSURE: At the time of publication, I have no position in the referenced options or the underlying stock.
Sincerely,
Bill Kraft
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