Too Many Options – PC Names Active, $DELL, $MSFT, $INTC

by Enis January 22, 2013 5:25 pm • Commentary

Feels like 1999 all over again, as the PC names drove single stock options volume today.

  1. DELL – Feb 14 calls traded almost 40k on the day, at an average price of $0.21.  The Feb 13 calls also traded more than 20k, and call to put ratio was 2.5.
  2. MSFT – Two large prints, likely related.  Someone sold 17k of the Jan14 30 calls at 1.03 this morning, and likely same trader bought 10k of the Jan14 25 puts for 1.70 in the afternoon.
  3. INTC – Stock continues to struggle after Thursday’s earnings.  Mar 22 calls were the most active line, trading almost 20k.  The Jan14 18 / 25 risk reversal also traded almost 15k, a trade we highlighted on Friday.
  4. CSCO – Jan14 was quite active in CSCO as well.  The Jan14 22 calls traded around 20k this morning, seller down to 1.29, likely overwriting.
  5. GM – The Mar 30/32 call spread traded 30k, looks like someone rolling down their long Mar 32 calls to the Mar 30 calls, paying 0.47 for the privilege.  Stock is down $2 in the past week.
  6. AVP – Looks like someone rolled down their long Jul 19 calls, around 16k times, and bought around 20k of the Mar 17 calls in its place.  Stock reports Feb. 12th.
  7. GLD – the Apr 180/195 call spread traded 19,000.  There is greater than that open interest on both lines.
  8. APC – Call buying very active today, as the stock broke out to 9 month highs.  May 90 calls were the most active, trading more than 19k.
  9. EWJ – Seller of implied volatility in the Japanese ETF, after its recent rally.  Trader sold 50k of the Jan15 10 straddle at 2.18 to open.
  10. AAPL – Quite light volume for AAPL.  Weekly 550 and 500 calls were most active, and call to put ratio was at 1.7.