Too Many Options: $AAPL, $MU, $XLU, $CSCO, $BBRY

by Enis August 13, 2013 8:03 pm • Commentary

Tech dominated options volumes once again.

  1. AAPL – Options volumes were almost 3x their 1 month average.  Call to put ratio was around 2.2, and weekly calls made up the top 6 most traded lines.  Outside of August expiry, Sept and Oct 500 calls were the most active lines, where implied vol was up 2.5 and 1.25 points respectively.
  2. MU – Micron broke out to a new 5 year high, and the Aug16th expiry 14 and 15 strike calls were very active throughout the day, trading around 50k and 60k respectively.
  3.  XLU – The Dec 38 puts traded 50k at 1.26, paired with 25k of the Dec 37 calls which traded at 2.12, both to open.  Bizarre structure to trade together.
  4. CSCO –  Ahead of tomorrow’s earnings, buyer of 2.5 million shares of CSCO for $26.26, and then sold 42k of the Jan14 29 calls at 0.73, and bought 42k Jan14 24 puts for 0.99, both to open.
  5. BBRY – Call to put ratio around 2, as Aug16th calls were very active on the day.  The Sept 12 calls traded almost 14k, and were the most active line outside of August.