Moderately bullish activity in Freeport McMoRan (FCX), with shares up $1.42, or 2.39%, near $60.63. Options volume relatively light with 15k contracts traded and calls leading puts for a put/call ratio of 0.56, compared to a typical level near 0.54. Implied volatility (IV30) dropped 0.79 near 53.88, in the highest 10% of observations over the past year, suggesting an expected daily move of $2.06. Put-call skew flattened, suggesting a modestly bullish tone.
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