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Like a phoenix, eToys (ETYS – 11/16) has risen from the ashes on heavy volume during the last two trading days. Finishing the year 2000 at a mere 3/16, the stock traveled as high as 1 in yesterday's trading, before pairing its gains. The Internet sector has been strengthening so far in 2001. In fact, the CBOE Internet Index (.INX – 245.31) has added over 26 percent already this year.
In yesterday's trading, speculators took an interest in the ETYS May 5 call. Over 8,000 contracts changed hands on the option, resulting in an increase to open interest of over 15,600 contracts, up from 7,900 contracts at Tuesday's close. <