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It is interesting to note that while the Nasdaq Composite (COMP - 2640.5) was getting beaten to a pulp in the fourth quarter, shares of Texas Instruments (TXN – 49-5/8) were merely consolidating in a range between the 35 and 55 levels. Although the stock has been a relative outperformer versus the COMP during this period, TXN still faces potential resistance at its overhead 20-month moving average. This trendline currently stands at 55, a level that has acted as the upper end of the range for the shares.
In yesterday's trading, the April 50 put was active on TXN. Just over 9,900 contracts changed hands on the option, resulting in an increase to open interest of approximately 8,600 contracts.