Option Skews - Relatively Heavy Put Activity on SanDisk Corp and Marvell Technology Group 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: Kraft Foods (KFT), Salesforce.com Inc (CRM), SanDisk Corp. (SNDK), Target Corp. (TGT), Chesapeake Energy Corp (CHK), Marvell Technology Group Ltd (MRVL), Western Digital (WDC), Frontline. (FRO), Tenneco Automotive (TEN), Tesoro Petroleum (TSO), Yingli Green Energy Hold Co Ltd (YGE), Gap (GPS), HSBC, plc. (HBC), Illinois Tool Works (ITW), Trina Solar Limited (TSL), Massey Energy (MEE), Williams Companies (WMB), United Technologies (UTX), Mobile TeleSystems (MBT), W.W. Grainger (GWW), Whole Foods Market (WFMI), Johnson & Johnson (JNJ), Chiquita Brands International (CQB), Best Buy Co. (BBY), Activision Blizzard Inc (ATVI).

SanDisk Corp and Marvell Technology Group Ltd are the charts that stood out to me -

• The daily chart of SanDisk shows the stock is pulling back to support near 19. The shares are nearing an oversold condition so this could be a potential bounce candidate.
• The daily chart of Marvell Technology shows the equity is under pressure amid today's broad-based weakness. The stock recently tagged resistance near 17 and hit an overbought reading before the selloff. However, equity is still in a well above support. Given that the shares are coming off a strong uptrend, I am keeping this on the watch list to see how this consolidation pattern plays out.

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