Shares of Fortress Investment Group LLC (FIG) are up .19 to 8.38 today.? FIG is trading near the upper end of the range.
Today paper traded 1,200 FIG Mar 8 calls versus Jan 2015 calls for 2.85. The ADV is 1,546 contracts.? The OI is 6,000 and 460 contracts.
The volume went up in one block with 4000+ contracts on the day trading the spread.? It looks like a customer is closing the Mar 2014 calls and writing the Jan 2015 calls.? Covering the 2014 calls now would mean they gave away considerable upside.? The spread as traded is not expecting much upside.? A strange trade to be sure.
30-day implied volatility is 32%. ? 10-day implied volatility is 15%.? 30-day implied volatility is trading above the 10-day historical volatility.
Fortress Investment Group LLC (Fortress), is a global investment management firm. Its offering of alternative investment products includes private equity funds, liquid hedge funds and credit funds.