Too Many Options: $AAPL, $BAC, $F

by Enis March 12, 2013 7:54 pm • Commentary

No major themes in a quiet session, with AAPL the most active name by far.

  1. AAPL – Relative underperformer for the umpteenth time.  Call to put ratio around 1.5 not signaling excessive bearishness yet.  Weekly 440 and 435 calls most active.
  2. BAC – Mar16 12 calls traded 64k times, and the Mar16 12 puts traded over 30k, as some are clearly anticipating a pin of the 12 level for BAC on Friday.
  3. F – The weekly 13.5 call traded 40k, more than its open interest of 37k to start the day.  Average price on the weekly 13.5 call was 0.059.
  4. NWSA – Potential roll in NWSA, as the Jul 30/32 1×2 call spread traded 20k x 40k for even money.  Existing open interest on the Jul 30 line was around 25k.
  5. EBAY – Trader sold 2400 of the Oct 50 puts to buy 4k of the Oct 55/62.5 call spread, collected 1.57 for the package, downside breakeven around 200 day moving average.
  6. JCP – Someone bought 9k of the Aug 17 call for $2 to open, on a busy day for JCP options as the stock rallied on rumors that Ron Johnson might leave.
  7. TEVA – The weekly 40 calls traded almost 10k, with open interest of around 19k, as expiry approaches on Friday.  Looks like someone rolling long calls out to Apr and Jun, as the weeklies were sold, and Apr and Jun 40 and 42.5 calls mostly bought.
  8. XLF – The Apr/Jun 17 put calendar traded almost 100k at 0.19, as it looks like someone rolling out their Apr 17 puts to Jun, paying 0.19 for the privilege.
  9. BBRY – The weekly 14 and 15 calls both traded over 15k, as implied vol got crushed (Apr down 5 points) on BBRY’s pullback, after Monday’s euphoric call buying.
  10. QCOM – The weekly 67.5 calls traded more than 18k on the day, on a line with 23k of open interest.  QCOM closed at the day’s highs, close to the 67.5 strike.