Too Many Options: All Tech, $INTC, $CSCO, $AAPL

by Enis March 27, 2013 5:29 pm • Commentary

Another quiet day in cash volumes.  Tech dominated option volumes.

  1. INTC – Most active line was the weekly 21.50 put, trading over 60k, with some aggressive buying in the afternoon even as the stock did not move much.
  2. CSCO – Apr 21 calls traded over 35k at an average price of 0.20, with mostly buyers initiating in the morning.
  3. AAPL – Stock found support today at the 450 level.  The call to put ratio was around 1.6, and the weekly 455 calls and weekly 450 puts both traded around 37k.
  4. BBRY – Weekly 15, 16, and 16.5 call lines the most active ahead of earnings tomorrow morning.  Implied move is about 12.5% based on the weekly straddle.
  5. FB – Weekly 26 calls traded over 20k, as the stock bounced 3.5% on strong volume after breaking the 25 level for the first time since November.  $26.62 is the closing level in 2012, and an important pivot point.
  6. HNZ – The Sept 75 calls traded 18k on the day at 0.10, possibly to close as it matched the open interest on that line.
  7. NYT – Buyer of 20k of the Oct 10 calls for 1.10 to open.  Stock hasn’t sustained a rally above 10 for more than a few months since 2008.
  8. FCX – May 35 calls trade more than 18k on the day, buyer initiating, avg. price of 0.54 on the day.
  9. NFLX – After yesterday’s flurry of call buying, the weekly 195 calls active again, trading over 15k, but moved lower throughout the day after a spike after the open.
  10. BAC – Weekly 12 puts traded almost 40k at 0.02, which is a long shot with the stock closing at 12.23.