Here is some generally directional, untied options activity that caught my eye during Thursday’s trading:
1. GLD – given the volatility in currencies, interest rates and commodities, there are many out there who would have expected a tad more excitement out of gold. The commodity has sold off 5% from its recent highs in May, but has found some serious support in and around 1150 an ounce:
One trader expressed a view shortly after the open that the shiny metal could bounce in the coming months. When the gold etf was 111.
2. SWFT – the transportation and logistics company that generally averages about 2,000 in total options volume on any given day saw a huge opening put buy today. When the stock was 23 a trader paid 1.70 for 25,000 Nov 22 puts. Today’s options volume equaled more than 30% of the total open interest in the stock coming into the day.
3. JPM – the company is scheduled to report Q2 earnings on July 14th prior to the open. Today when the stock was $66.32 a trader apparently rolled down a bullish bet, selling to close 42,000 July 70 calls at 8 cents and buying to open 21,000 July 67.50 calls for .57 to open. The options market is implying about a 3% one day move which is rich to the 4 qtr avg of about 2.25%.
4. INTC – the stock made a new 52 week lows today after breaking important technical support at $30 over the last week:
Options volume exploded today, trading more than 2x average daily. The two most active strikes today were 33,000 of the Sept 28 puts and 22,000 of the July 28 puts, most of Sept looked to be opening. The company reports Q2 results on July 15th after the close, the options market is implying about a 5.5% one day move, which is rich to the 4 qtr avg of about 4.25%
5. RIG – just before the close there was an opening buyer of 11,000 July 16 calls paying 15 cents to open when the stock was 15.10. There is not identifiable catalyst between now and next Friday’s close as the company is confirmed to report on Aug 2nd. Possibly a dollar cheap way to play for a short squeeze in the event of a bounce in crude oil, as 28% of the float is sold short. The stock is sitting on massive technical support.