Shares of North American Palladium ltd. (PAL) are trading up .33 to 1.75.? The stock is trading in the middle of the 52-week range.
Today paper is buying the PAL Jan 2014 2 and 3 level calls for prices of .24-.35 and .1-.15 respectively.? The volume is 2,666 on the 2s and 5,766 on the 3s.? The average contract volume is 920 contracts per day in the name.? Open interest in the contracts is 10,962 and 3,283, respectively.
The trade looks like paper aggressively getting long the 2014 calls on midsize blocks of volume.? It is hard to tell if the paper is closing but with the IV up 8 points in Jan 2014 most likely the trade is opening.
30-day implied volatility is 83%.? 10-day implied volatility is 25%.? 30-day implied volatility is trading above the 10-day historical volatility.
North American Palladium Ltd. (NAP) is a precious metals producer that has been operating its flagship Lac des Iles mine (LDI) located in Ontario, Canada.