Option Skews - Relatively Heavy Put Activity on Union Pacific Corp, Southern Copper Corp, James River Coal Co, Schnitzer Steel Industries Inc

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), Barrick Gold (ABX), Sun Microsystems (JAVA), Union Pacific Corp (UNP), Salesforce.com Inc (CRM), ChevronTexaco (CVX), J.C. Penney Holding (JCP), Toll Brothers (TOL), Patterson-UTI Energy (PTEN), Southern Copper Corp (PCU), Tiffany & Co. (TIF), Walter Industries (WLT), Southwestern Energy (SWN), American Express (AXP), Williams-Sonoma (WSM), Central European Media Enterprises. (CETV), Nike (NKE), James River Coal Co (JRCC), Sina Corp. (SINA), Foot Locker (FL), Schnitzer Steel Industries Inc (SCHN), Manitowoc (MTW).

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