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Bullish Bettors (Or Skeptics) Scoop Up JA Solar Calls

Call volume ramps up on JASO

by 2/17/2012 12:00 PM
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JA Solar Holdings Co., Ltd. (JASO - 1.98) seems to be on call players' radars today, as roughly 6,500 of these options have been exchanged so far, which is 14 times the equity's expected intraday volume. Nearly 4,000 calls have been traded at the near-the-money March 2 strike -- the majority of them at the ask price, signaling buyer-fueled volume. However, this option currently holds peak call open interest of 4,289 contracts, making it unclear as to whether new positions are being initiated here today.

This focus on calls over puts is more of the same for JASO. The Schaeffer's put/call open interest ratio (SOIR) checks in at 0.29, confirming that calls more than triple puts among options scheduled to expire within the next three months. In fact, this ratio ranks in only the 10th percentile of its annual range, indicating that short-term options traders have been more bullishly oriented toward the stock just 10% of the time during the past year.

Meanwhile, short interest on the solar energy concern spiked by 14.49% over the last two reporting periods, and now represents 16% of JASO's available float. This raises the possibility that short sellers looking to hedge their bearish bets could be responsible for some of the recent call volume.

From a technical perspective, the equity is off to a stellar start in 2012, having added close to 48% year-to-date, and outpacing the broader S&P 500 Index (SPX) by almost 21% during the past 40 sessions. On the charts, the stock is enjoying a weeks-long stretch of support at its 10-week moving average, which had previously acted as stubborn resistance since early March.

At last check, JASO is up about 7% to flirt with the $1.98 level.


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