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by 8/15/2000 3:24 PM
Stocks quoted in this article:
A pair of puts on the Dow Jones Industrial Average Index (DJX - 110.98) have seen notable volume in today's trading. The DJX is an index that trades at 1/100 of the value of the Dow Jones Industrial Average (INDU - 11,099.5). The put option activity on the DJX is noteworthy due to its size as these options usually trade very lightly. With the blue-chip barometer down approximately 100 points at its lowest point this morning, the August 111 put and September 110 put have been active. The two options have traded 3,485 contracts and 2,518 contracts, respectively. By contrast, the most-active DJX call option, the August 110 strike, has only witnessed 1,930 contracts of volume.
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by 8/15/2000 3:20 PM
Stocks quoted in this article:
A pair of calls on Alcoa (AA - 34-5/16) have witnessed large block activity in today's trading in what is likely the work of an institutional player rolling out a call position. A pair of 5,000-contract blocks traded simultaneously this afternoon on the August 35 and September 35 calls. The volume on the August 35 call is more than likely the liquidation of a portion of the over 6,000 contracts of open interest that resided on the option at the close of yesterday's trading. By comparison, the September 35 call entered today's action with only 1,657 contracts of open interest. Thus, we can conclude that today's volume on that particular option is the work of a trader entering a new position. From a long-term technical perspective, AA shares have recently completed a successful test of their 20-month moving average.<
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by 8/15/2000 3:16 PM
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Last Friday, Dell Computer (DELL - 38-7/16) gapped lower after reporting earnings after Thursday's closing bell. Although DELL's earnings report beat the Street estimate by a penny per share, investors fled from the shares after the company reported disappointing revenues. As a result, the security has been unable to hold its 20-month moving average, which resides at about the 43-1/2 mark. Today, a pair of November puts is active on DELL. The November 37-1/2 and 42-1/2 puts have each seen over 10,000 contracts cross the tape, making them the two most-active put contracts currently on the CBOE.
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by 8/15/2000 3:01 PM
Stocks quoted in this article:
The AMEX Securities Broker/Dealer Index (XBD - 617.92) is one of this afternoon's top lagging indices, falling by more than 13 points, or just over two percent. This decline comes after it gained nearly eight points in Monday's trading to tally an all-time intraday high. Despite today's retreat, the index remains well above all of its significant moving averages. Equity components leading the XBD lower this afternoon include Bear Stearns (BSC - 59-1/4), down 4.2 percent; Lehman Brothers Holdings (LEH - 132-3/4), down 3.3 percent; Charles Schwab (SCH - 38-11/16), down 3.2 percent; and Morgan Stanley Dean Witter (MWD - 101-13/16), down 2.1 percent.<
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by 8/15/2000 2:04 PM
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Last night after the close, computer-game titan Electronic Arts (ERTS - 91-1/2) announced plans to split its stock two for one. This split will be enacted on September 8 for those shareholders of record by August 25. The shares gapped nearly 1-1/2 points higher out of the gate and are now trading over two percent in the black. A recent Market Observation discussed the recent technical strength seen from ERTS. Since its intraday low on Friday, ERTS shares have climbed nearly 9.5 percent. <
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