May. 6 at 12:33 AM
$FCX is on fire with aggressive call buying, especially in the July
$65 line, driving a solid ~3.8% pop
Feels like institutions are loading up for more upside, not fading it
No fresh news here, just options tape leading the charge
Over the last 5 days, we’ve seen over
$4M in ask-side sweeps and blocks on those 7/17
$65 calls
That's pointing to a medium-term push toward the mid-
$60S
Key liquidity is right there if you’re looking to align or fade this bullish move
Today’s rally also saw heavy near-term call action in the 5/15 to 5/22 expiries, lifting short-term gamma risk for call sellers
