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What Are Whales Doing With Cleveland-Cliffs

Someone with a lot of money to spend has taken a bullish stance on Cleveland-Cliffs (NYSE:CLF). And retail traders should know. We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.

Benzinga · 12/29/2021 14:36

Someone with a lot of money to spend has taken a bullish stance on Cleveland-Cliffs (NYSE:CLF).

And retail traders should know.

We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.

Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with CLF, it often means somebody knows something is about to happen.

So how do we know what this whale just did?

Today, Benzinga's options scanner spotted 10 uncommon options trades for Cleveland-Cliffs.

This isn't normal.

The overall sentiment of these big-money traders is split between 50% bullish and 50%, bearish.

Out of all of the special options we uncovered, 3 are puts, for a total amount of $293,195, and 7 are calls, for a total amount of $291,253.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $7.0 to $30.0 for Cleveland-Cliffs over the last 3 months.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for Cleveland-Cliffs options trades today is 5746.1 with a total volume of 1,621.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Cleveland-Cliffs's big money trades within a strike price range of $7.0 to $30.0 over the last 30 days.

Cleveland-Cliffs Option Volume And Open Interest Over Last 30 Days

Options Call Chart

Biggest Options Spotted:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
CLF PUT TRADE BEARISH 04/14/22 $27.00 $100.6K 710 147
CLF PUT TRADE BULLISH 01/21/22 $26.00 $100.0K 2.3K 210
CLF PUT TRADE BEARISH 01/21/22 $30.00 $92.5K 3.3K 123
CLF CALL TRADE BEARISH 01/20/23 $15.00 $65.5K 10.3K 140
CLF CALL TRADE BULLISH 01/20/23 $20.00 $51.3K 13.8K 155

Where Is Cleveland-Cliffs Standing Right Now?

  • With a volume of 5,722,733, the price of CLF is up 0.17% at $20.93.
  • RSI indicators hint that the underlying stock may be approaching overbought.
  • Next earnings are expected to be released in 57 days.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you are already an options trader or would like to get started, head on over to Benzinga Pro. Benzinga Pro gives you up-to-date news and analytics to empower your investing and trading strategy.