For investors who follow steel stocks, there may be some good news on the horizon. Steel companies have taken a hit in recent months, including Cleveland-Cliffs (CLF), which is down 14% year-to-date. However, a trader purchased what appears to be a bullish call spread in CLF options that expires in August. This 10,000-lot vertical spread could suggest there is as much as 30% upside in the stock price during the coming summer months.
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This post was originally published on InvestorsAlley
