Mid-day Flow Summary: INTC, AAPL & Pin Candidates

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It's expiration Friday and we're seeing another strong move to the upside for most averages.

Intel  (INTC)
Options on Intel lead the single stock space today. The stock is up 3% on an upgrade and nearly 160,000 contracts have changed hands so far today. More than 100,000 calls and 52,000 puts have traded, for a ratio that is in-line with recent averages for the stock. 

Much of todayís activity involves sellers of calls. It is likely that a few shareholders are taking advantage of an overwriting opportunity at this new high for the year.  By midday nearly 30,000 July 22.5 calls have traded. These transactions were seller initiated at prices ranging from $1 to $1.30.

As a result of this selling activity, implied volatility on the strike has decreased by nearly a point to 27%. Additional sellers are active in July 25 calls, with a multi market sweep order used to sell 3,000 at $.40 this afternoon.

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Pin Candidates
A final check of options with large open interest that expire within hours.

Symbol	Expiry	Strike	Put / Call	Spot	Distance	OI
CVS	Jun7	37.5	Calls	37.61	0.11	44007
CVS	Jun7	37.5	Puts	37.61	0.11	17735
ORCL	Jun7	20	Calls	19.89	0.11	39548
ORCL	Jun7	20	Puts	19.89	0.11	8236
YHOO	Jun7	27.5	Calls	27.365	0.14	17630
YHOO	Jun7	27.5	Puts	27.365	0.14	42350
BAC	Jun7	50	Calls	50.25	0.25	37782
BAC	Jun7	50	Puts	50.25	0.25	47048
AAPL	Jun7	120	Calls	120.26	0.26	50389
AAPL	Jun7	120	Puts	120.26	0.26	39600

AAPL
Activity inthese options today is greatest in the AAPL 120 strike. 33,000 calls and 23,000puts have changed hands so far as traders anticipate last minute attraction to the strike.

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