Traders have been blasting ZINC Jun 1 calls all day.?
Horsehead Holding Corp, ZINC, was trading at .72, down .66 a share with an IV30 of 170 and an HV10 of 87, and was seeing bearish action.? Despite the awesome name, traders do not seem to have much hope for the company in the near and long term.? Traders have been blasting the Jun 1 calls all day.? The selling began at .15 a contract and has now gotten the bid in the name all the way down to .05 a contract.? We suspect they may go close to no bid today.? The stock which has an ADV of 1450 contracts a day and OI of 66, 000 has seen over 108,000 of these trade on the day.
These traders clearly think horsehead is toast and have little hope, additionally these could be a buy-write against a long position but that seems somewhat unlikely at this point.
This trade should be considered super bearish ZINC and bearish a large rallying in ZINC