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Mylan Laboratories (MYL – 27-3/8) has ebbed by over two points, or more than seven percent, this afternoon to dip back below its 10-day and 20-day moving averages. This retreat comes just two sessions after the shares recorded a 5-1/2-month closing best. However, the stock continues to receive support from its 10-week moving average, a trendline that the security hasn't ended a week lower than since late July.
In MYL's options pit today, 1,192 contracts have crossed the tape on the out-of-the-money November 30 call, which has open interest of 687 contracts. In addition, 4,850 contracts have transpired on the in-the-money November 30 put. Open interest on this option stands at just 80 contracts, indicating that almost all of today's volume should become new positions. This is presently among the most-active puts on the AMEX.