Too Many Options: Tech, $AAPL, $ORCL, $MU, $MSFT

by Enis March 21, 2013 6:00 pm • Commentary

Tech names dominated the options volume today.

  1. AAPL – Call to put ratio close to the 1 month average, around 1.4.  The weekly 460 and 455 calls both traded over 40k.  The 460 and 450 lines have most weekly open interest for expiry tomorrow.
  2. ORCL – Interestingly, there were a decent number of traders playing for a bounce today, as the weekly 32.5 and 33 calls both traded around 15k, but stock closed near lows.
  3. MSFT – The Apr 28 puts traded more than 20k, mostly buying this morning.
  4. MU – The Apr 10 and May 10 calls both trade over 20k ahead of earnings.  Stock up 3% after hours, vs. an implied move of 6%.
  5. VIX – Apr 17/27 and May 17/27 call spreads have been active the past 2 days, buyer initiating.  Traded around 35k today.
  6. NKE – The weekly 55 calls were very active, trading over 15k ahead of earnings, more than twice any other line.  Stock trading at all-time highs after hours, around 58.
  7. JDSU – Trader sold 7500 of the May 15 / 13 put spread as stock sold off today.  Trader was rolling down long May 15 puts to the May 13 strike, locking in some gains.
  8. HUM – 10x normal options volume.  August dominates, as it looks like someone sold the Aug 75 calls to buy the Aug 67.5 / 60 put spread, around 10k times.
  9. BBBY – The Apr 60 / 62.5 call spread traded 4k times at 1.50.
  10. STZ – Apr 47.5 / 50 call spread traded 20k times around 1.25 this morning, possibly stock replacement after the new highs this week.