Unusual Options Activity Again in Ivanhoe Mines

By Pete Najarian, co-founder of OptionMonster.

Ivanhoe Mines ( IVN) drew unusual options activity Monday for the second straight session.

Traders were focusing on the March 5 strike, in which more than 5,000 calls changed hands for up to 50 cents by Monday afternoon as the stock held just under $4.50, according to OptionMonster's tracking systems. That followed even heavier call volume Friday, when more than 12,600 contracts traded at various strikes in just the first two hours.

Ivanhoe closed Monday exactly where it did the previous session, at $4.55, as many analysts believe that mining stocks have yet to catch up with the recent rise in gold and related equities.

The Canadian company's CEO was quoted in news reports Monday as saying that financing for a gold and copper operation in Mongolia would face no obstacles despite tightening credit markets.

At the time of publication, Najarian had no positions in any stocks mentioned.

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