Option Skews - Relatively Heavy Call Activity on EMC Corp and Chesapeake Energy Corp

Here are the stocks that saw a bias toward call activity in the previous session. This filtered scan is based on the International Securities Exchange (ISE) buy-to-open data. It looks for stocks where the previous day's call volume on the ISE is at least twice as great as the put volume. It then sorts the stocks based on the call volume. Since this is buy-to-open data, this can be a good source for finding stocks where optimism is emerging. Of particular interest to me would be situations where we see call activity on stocks that are still in intermediate-term downtrends. This would be a potentially cautionary sign from the contrarian perspective.

Companies included in today's scan results: SPDR Gold Trust (GLD), EMC Corp. (EMC), Target Corp. (TGT), Apple Inc (AAPL), Chesapeake Energy Corp (CHK), DryShips Inc. (DRYS), AnnTaylor Stores (ANN), Hecla Mining (HL), Exxon Mobil (XOM), Morgan Stanley (MS), General Electric (GE), MasterCard Incorporated (MA), Barrick Gold (ABX), Smith International (SII), Pfizer (PFE), MGM Mirage (MGM), Verizon Communications (VZ), Dell Inc (DELL), ASSURED GUARANTY (AGO), Brocade Communications Systems (BRCD), Petroleo Brasileiro SA (PBR), Alkermes (ALKS), The DirectTV Group Inc (DTV), Newmont Mining (NEM), Radioshack (RSH).

EMC Corp and Chesapeake Energy Corp are the charts that stood out to me -

• My last look at EMC's chart revealed the stock was working off an overbought reading but was extended from support. The current daily chart shows being overextended didn't bother the bulls. The shares recently pushed to a new annual high and then pulled back to near-term support.
• Earlier this month, we saw that Chesapeake Energy was trying to stabilize near support. The updated daily chart shows the stock managed a small bounce but then sellers stepped back in. In my view, the low from earlier this month is the key short-term level that needs to hold.

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