Mid-day Flow Summary: GG, QQQQ & Unusual Activity Report
Goldcorp Inc (GG)
January-08 30 calls are active in GG this morning, with an aggressive buyer paying from $.95 to $1.10 for a total of 20,000 contracts. The stock is near $24 and, based on selling activity in the contract in February (prices over $3.50 when stock was near $28), this looks like a buy-to-close realization of gains from overwriting (or naked call selling).
ADVERTISEMENT January-08 30 calls are active in GG this morning, with an aggressive buyer paying from $.95 to $1.10 for a total of 20,000 contracts. The stock is near $24 and, based on selling activity in the contract in February (prices over $3.50 when stock was near $28), this looks like a buy-to-close realization of gains from overwriting (or naked call selling).
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Nasdaq PowerShares QQQ (QQQQ)
Option activity in Q's is always brisk, averaging well over half a million contracts per day. However, today Q option trading is on pace for 150% of this level with order flow dominated by premium sellers looking for a quiet summer market and some long-weekend decay income.
The majority of today's flow involves out-of-the-money put sellers, including a large multi-market sweep hitting bids on 20,000 July 45 Puts at 10:31 this morning. The spot price for QQQQ is just over $47 and this seller collected $.50 in the sale. We are also seeing sellers of July 45 puts as well, with 24,000 June 47 puts on the tape, seller dominated, with prices ranging from 80 to 64 cents.
Unusual Option Activity
Several stocks are experiencing option activity well above normal levels today. Those with bullish option flow include:
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Option activity in Q's is always brisk, averaging well over half a million contracts per day. However, today Q option trading is on pace for 150% of this level with order flow dominated by premium sellers looking for a quiet summer market and some long-weekend decay income.
The majority of today's flow involves out-of-the-money put sellers, including a large multi-market sweep hitting bids on 20,000 July 45 Puts at 10:31 this morning. The spot price for QQQQ is just over $47 and this seller collected $.50 in the sale. We are also seeing sellers of July 45 puts as well, with 24,000 June 47 puts on the tape, seller dominated, with prices ranging from 80 to 64 cents.
Unusual Option Activity
Several stocks are experiencing option activity well above normal levels today. Those with bullish option flow include:
- AGEN: 4x avg daily volume and 83% calls
- DOX: 6x avg daily volume and 94% calls
- GOLD: 3x avg daily volume and 97% calls
- JRCC: 3x avg daily volume and 89% calls
- OVEN: 3x avg daily volume and 92% calls
- OXPS: 8x avg daily volume and 92% calls
- SKS: 3x avg daily volume and 83% calls
- UFS: 12x avg daily volume and 100% calls
- WRES: 5x avg daily volume and 90% calls
About Henry Schwartz
Henry Schwartz has traded derivatives on US and European exchanges for nearly 20 years. His experience includes market-making and institutional trading at the Hull Group, Salomon Brothers, Bear Stearns and most recently Banc of America Securities, where he led the electronic market-making project coincident with the launch of the ISE. His current work involves real-time stream analysis of options market activity for a number of leading institutional sell-side firms.
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