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by 8/14/2000 1:10 PM
Stocks quoted in this article:
The PHLX Semiconductor Index (SOX - 987.03) is one of the leading sector indices on the upside in today's trading. The group is up more than 33 points, over 3.5 percent, this afternoon. It will be important to watch how the SOX reacts around a pair of potential resistance levels in the near future. The first level is the psychologically important 1000 mark, and the second level is the index's declining 20-day moving average, which resides at about 1020. From a longer-term technical perspective, it is encouraging that today's rally has taken the index significantly back above its 10-month moving average. The SOX has not made a monthly close below this trendline since October 1998.<
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by 8/14/2000 1:06 PM
Stocks quoted in this article:
Nokia (NOK - 41) shares won their battle with the overhead 10-day moving average on Friday. Although fractionally higher to close last week's trading, NOK remains above this trendline this afternoon, as the equity is unchanged. Today, the October 45 put is active on NOK. Just over 3,000 contracts have changed hands today on this in-the-money option. A pair of 1,500 contract blocks that crossed the tape squarely between the bid-ask spread accounts for most of the volume. This is now among the most-active puts on the CBOE. In July, NOK shares were unable to close above their 10-month moving average. This marked the first monthly close below this trendline since January 1998.<
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by 8/14/2000 1:02 PM
Stocks quoted in this article:
Ericsson Telephone (ERICY - 19-1/16) shares are fractionally higher today and have challenged a site of potential technical resistance in the form of their 20-day moving average residing at about 19-1/4. From a longer-term technical perspective, the security has spent the last four months locked in a trading range between 16-1/2 and 23-1/2. Today, it appears that an institutional player is rolling out a large put position on the ERICY. The August 20 put has already seen over 6,000 contracts change hands in a number of large block trades at or near the bid price. Most of these trades are likely liquidations. Over 24,000 contracts of open interest resided on this option at the close of Friday's trading. A similar number of contracts have also traded today on the October 20 put at or near the ask price. Going into today, open interest on this option was a mere 3,600 contracts. Most of the August 20 puts were sold for 1, while the October 20 puts were bought for 2-5/16, meaning that the trader paid 1-5/16 per contract to roll out the position.
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by 8/14/2000 12:45 PM
Stocks quoted in this article:
Sun Microsystems (SUNW - 112) is seeing some heavy option activity in early afternoon trading. The September and October 105 calls have been home to the bulk of today's activity. Volume at the two in-the-money strikes came in at 3,566 contracts in the September series and the 2,547 contracts for the October series. These are presently the two most-active call contracts on the Pacific Exchange. SUNW is trading in the vicinity of its all-time closing high level and is currently marginally lower on the day.<
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by 8/14/2000 12:25 PM
Stocks quoted in this article:
Ariba (ARBA - 139-1/4) provides e-commerce software. This morning, it appears as though an institution has taken out a large position on the deep in-the-money August 110 call. Overall, 1,000 contracts crossed the tape near the ask in two large-block transactions. The total value of these trades came to $3,050,000. It is interesting to note that August options contracts are set to expire at the end of trading this Friday. This is presently one of the most-active call contracts on the PHLX. On a technical note, ARBA has been in a sideways consolidation for the past four trading days, and the security is currently ahead fractionally.<
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