The Option Block 106: Juicy GRPN Reversals
- TRADING BLOCK: Italian borrowing costs spooked the market. May we actually see some countries abandon the Euro? Groupon options finally went live, not surprisingly, with 100+ vols in the downside skew, puts were bid! A lot of selling in the 1 and 500 lot July 15's, the highest activity strike next to the Dec 20 puts.
- ODD BLOCK: Unusual activity in: Titanium Metals Corp. (TIE) Home Depot Inc. (HD) International Business Machines, Inc. (IBM) XPRESS BLOCK Jon Gregius is in the OX hot-seat for this Xpress Block and discusses RJO. Also, on Thursday of last week, FAS did a 1 for 5 reverse split, which lit up the help line at OX. Crude oil is up 30% in the last 5 weeks, which also brings in the calls.
- STRATEGY BLOCK: Andrew Giovianazzi talks in depth about conversions/reversals and ratio call spreads for GRPN options traders.
- AROUND THE BLOCK: Thursday will be an active day with both Jobless Claims and Housing Starts on 11/17. Moving forward, the market may need to purge itself whatever is making it sick. Might it be the end of an era for Apple at KYO? Green Mountain Coffee, Can it hold its volatility?
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