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Call Volume Balloons on JDS Uniphase

JDS sees a flurry of February-dated call activity

by 1/19/2012 12:00 PM
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Call players focused their attention on JDS Uniphase Corporation (JDSU - 13.02) yesterday, as roughly 11,000 of these options were exchanged, which was triple the equity's average daily volume. Nearly 3,200 calls were traded at the in-the-money February 12 strike -- most of them between the ask and bid prices, making it hard to say with certainty whether they were bought or sold. Open interest on this option spiked by 2,760 contracts overnight, pointing to an influx of new positions. This call now carries open interest of 5,064 contracts.

This rise in call activity is par for the course on JDSU. The equity sports a Schaeffer's put/call open interest ratio (SOIR) of 0.58, signaling that calls almost double puts among options scheduled to expire within three months. This ratio registers in the 34th percentile of its annual range, which confirms that short-term options players have been more bullishly oriented toward the stock just 34% of the time during the past 52 weeks.

In the same optimistic vein, the majority of analysts following JDSU appear to feel very upbeat toward the equity. According to Zacks, the stock boasts nine "buy" or better endorsements, compared to five "holds" and not a single "sell."

From a technical perspective, JDSU has gained close to 25% so far this month, and has bested the broader S&P 500 Index (SPX) by approximately 17% during the past 20 sessions. On the charts, the stock is poised to finish the week above resistance at its 32-week moving average -- a feat not accomplished since early June.

Heading into the afternoon hours of the session, JDSU is up about 3% to wink at the $13.02 level.


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