The trader is likely still a ?believer? in CNX and is looking for the company to turn around in the near term. ?
Console Energy (CNX) is trading at 6.63, down .36 on the day. CNX has an IV30 of 103.40 and an HV 10 of 141.4%, an ADV of around 10,000, and open interest of 420,000. ?There was a call roll down today in which a customer executed a 10,000-lot call spread.? The customer sold the Jan 9 calls that he or she was long and against it bought the Jan 7 calls to significantly increase the bullish exposure of the position.? This trade went up between .48-.50 with the largest block trade going up 3,000 times for .50
The trader is likely still a ?believer? in CNX and is looking for the company to turn around in the near term.? Thus the trader moved his or her position so that if the stock begins turning around the P&L will hit the position earlier.
This trade should be considered bullish the underlying and bullish volatility.