Option Skews - Relatively Heavy Put Activity on Juniper Networks Inc and Teva Pharmaceutical Industries Ltd

Here are the stocks that saw a bias toward put 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 put volume on the ISE is at least twice as great as the call volume. It then sorts the stocks based on the put volume. Since this is buy-to-open data, this can be a good source for finding stocks where skepticism is emerging. Of particular interest to me would be situations where we see put activity on stocks that are still in intermediate-term uptrends. This would be a potentially encouraging sign from the contrarian perspective.

Companies included in today's scan results: SPDR Trust Series I (SPY), SPDR Gold Trust (GLD), Juniper Networks Inc (JNPR), United States Steel Corp (X), BP p.l.c. (BP), Moody's Corp. (MCO), Aetna (AET), Corinthian Colleges (COCO), Regions Financial Corp (RF), Netease.com Inc (NTES), Stryker Corp. (SYK), Iron Mountain Incorporated (IRM), Leggett & Platt (LEG), Apollo Group (APOL), Teva Pharmaceutical Industries Ltd (TEVA), Ferro Corp. (FOE), American Express (AXP), Schering Plough Cp (SGP), Oracle Corp. (ORCL), Bunge Limited (BG), Patterson-UTI Energy (PTEN), Lamar Advertising (LAMR), TiVo Inc (TIVO), Energy Conversion Devices, Inc (ENER), Salesforce.com Inc (CRM).

Juniper Networks Inc and Teva Pharmaceutical Industries Ltd are the charts that stood out to me -

• I have been tracking the movement of Juniper Networks for some time and wanted to touch on the slope of the trend. As illustrated by the channels in this daily chart, the rate of ascent has slowed but the stock is still putting in higher highs and higher lows. The shares were nearing both the lower end of the channel and a short-term oversold condition ahead of yesterday's bounce. Previous oversold readings have been followed by quick pops.
• From the looks of Teva Pharmaceutical Industries' investor relations page, earnings are looming. Keep an eye on the weekly chart as it shows a potentially constructive pattern. After a strong rally, the stock has pulled back to test former resistance as support. The July highs would be the upside level to watch on a bounce.

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