Published on Jun 29, 2020 at 12:53 PM
  • Most Active Weekly Options
  • Intraday Option Activity
  • Editor's Pick
Looking at White's data, over the past 10 days, 428,404 calls and 110,871 puts have exchanged hands. Today's trading leans bullish too, with 38,000 calls across the tape so far. The weekly 7/2 30-strike call is most popular, but new positions are also being opened at the 20-strike put from the same series. 
Published on May 12, 2015 at 2:52 PM
Updated on Jun 24, 2020 at 10:16 AM
  • Most Active Weekly Options
The 20 stocks listed in the table below have attracted the highest total weekly options volume during the past 10 trading days. Names highlighted are new to the list since the last time the study was run, and data is courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. Two names of notable interest are microblogging platform Twitter Inc (NYSE:TWTR) and professional networking site LinkedIn Corp (NYSE:LNKD).

150512maou3

TWTR has gotten hammered in recent weeks, pressured by a prematurely released earnings report that fell shy of expectations. Specifically, relative to the stock's April 27 close at $51.66 -- the session prior to the leak -- the shares have plunged 27.3% to trade at $37.54.

Not surprisingly, option traders at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) have been placing bearish bets over bullish at an accelerated clip of late. TWTR's 10-day put/call volume ratio of 0.44 across those exchanges ranks in the 69th percentile of its annual range. In today's trading, however, May-dated calls have taken center stage, with the 38, 38.50, and 39 strikes leading the way.

Elsewhere, analysts are divided on TWTR. Of the 28 brokerage firms tracking the stock, one dozen have handed out "strong buy" ratings, with the remainder designating the security a "hold." However, the shares' consensus 12-month price target of $47.67 stands at a 27% premium to the current perch.

Like TWTR, LNKD recently hit a rough patch -- gapping 18.6% lower on May 1, on the heels of a downwardly revised current-quarter revenue forecast. As such, the stock is sitting on a 12.7% year-to-date deficit, at $200.45 -- with the underfoot 200 strike serving as support in recent weeks.

In terms of sentiment, LNKD's 10-day ISE/CBOE/PHLX put/call volume ratio is 1.01, with puts and calls being bought to open at roughly the same pace. However, this ratio registers in the top quartile of its 12-month range, suggesting speculators have picked up bearish bets over bullish at a faster-than-usual speed, relatively speaking. In today's action, the May 200 put -- LNKD's most popular option -- may be seeing some buy-to-open activity.

Shifting gears, the brokerage bunch is quite bullish toward the shares. Nineteen of 28 covering analysts consider LNKD a "buy" or better, and the stock's average 12-month price target of $256.72 represents expected upside of 28% to current trading levels.

Published on Jun 4, 2015 at 11:45 AM
Updated on Jun 24, 2020 at 10:16 AM
  • Most Active Weekly Options

The 20 stocks listed in the table below have attracted the highest total weekly options volume during the past 10 trading days. Names highlighted are new to the list since the last time the study was run, and data is courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. Two names of notable interest are airline issue American Airlines Group Inc (NASDAQ:AAL) and financial firm Bank of America Corp (NYSE:BAC).

Most Active Weekly Options


It's been a rough two weeks for AAL. The turbulence started on May 20 -- thanks to a dismal outlook from one of its sector peers, and some downbeat analyst attention has only stirred the bearish pot. Specifically, since its May 19 close at $47.85, shares of AAL have shed nearly 11% to trade at $42.61.

Option traders have been upping the bullish ante in recent weeks, though. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), for example, AAL's 10-day call/put volume ratio has jumped to 5.68 from 4.53 since May 19. What's more, the current ratio ranks in the 95th percentile of its annual range, meaning calls have been bought to open over puts at a near-annual-high clip.

Today, calls are outpacing puts by a more than 2-to-1 margin. Receiving notable attention is American Airlines Group Inc's weekly 6/5 45-strike and June 46 calls, where it looks like buy-to-open activity may be transpiring. If speculators are indeed purchasing new positions here, the goal is for AAL to rally above the respective strikes over the next few weeks. However, should the security's technical troubles continue, a capitulation from option bulls could translate into near-term headwinds.

BAC has slowly been moving higher since hitting its most recent low of $15.25 on April 1, up 10.7%. This uptrend has stalled out at the overhead $17 mark -- an area that capped the stock's mid-February advances, as well. In fact, the equity hit an intraday peak of $16.98 earlier, but was last seen down 0.3% at $16.88.

In the security's options pits, though, speculators, for the most part, have taken a glass-half-empty approach to BAC. The stock's 10-day ISE/CBOE/PHLX put/call volume ratio of 0.29 rests higher than 85% of all similar readings taken in the past year. Echoing this is BAC's Schaeffer's put/call open interest ratio (SOIR) of 0.86, which sits just 2 percentage points from a 52-week peak. In other words, short-term speculators have rarely been as put-skewed toward BAC as they are now.

In today's trading, puts are crossing the tape at a slightly accelerated clip (while calls are trading just below their average intraday rate). Option bears appear to be initiating new long positions at Bank of America Corp's November 15 put, as they bet on a longer-term retreat.

Published on Jun 22, 2015 at 2:36 PM
Updated on Jun 24, 2020 at 10:16 AM
  • Most Active Weekly Options
The 20 stocks listed in the table below have attracted the highest total weekly options volume during the past 10 trading days. Names highlighted are new to the list since the last time the study was run, and data is courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. Two names of notable interest are airline issue Delta Air Lines, Inc. (NYSE:DAL) and Internet name Yahoo! Inc. (NASDAQ:YHOO), which are both slated to host their annual shareholder conferences this week.

150622mawo

DAL -- which will hold its annual event this Thursday -- is up 1.7% at $42.71 this afternoon, as a bullish write-up in Barron's over the weekend overshadows a cybersecurity attack at one of its international peers. Today's positive price action comes as a welcome change to the stock's longer-term trajectory, with the shares off 16% from their late-January record peak of $51.06.

Unlike analysts, option traders have kept the faith, and at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), they have bought to open 9.73 calls for each put over the past 10 sessions. What's more, this ratio rests higher than all other readings taken in the past year, meaning long calls have been initiated over puts at an annual-high clip.

In the weekly 6/26 series -- which expires at this Friday's close -- peak call open interest is found at the 43.50 strike, where more than 10,000 contracts reside. It looks like a significant number of positions were bought to open last Friday, meaning speculators are betting on Delta Air Lines, Inc. (NYSE:DAL) to extend its lead north of $43.50 through week's end.

Ahead of YHOO's annual shareholder meeting on Wednesday, the stock is up 0.5% at $40.73 -- paring its year-to-date deficit to 19.4%. However, today's upside appears to be running out of steam near the security's 10-day moving average, a trendline that has been ushering YHOO lower since mid-May.

Skepticism has been building toward YHOO in recent months, per the stock's 50-day ISE/CBOE/PHLX put/call volume ratio of 0.44, which ranks in the 98th percentile of its annual range. In other words, puts have been bought to open over calls with more rapidity just 2% of the time within the past year.

Drilling down on the weekly 6/26 series, peak put open interest of roughly 3,300 contracts resides at the 40.50 strike. Today, the strike appears to be seeing mostly buy-to-open activity. For those purchasing the puts, the goal is for Yahoo! Inc. (NASDAQ:YHOO) to settle the week south of $40.50.
Published on Jun 26, 2015 at 11:18 AM
Updated on Jun 24, 2020 at 10:16 AM
  • Most Active Weekly Options

The 20 stocks listed in the table below have attracted the highest total weekly options volume during the past 10 trading days. Names highlighted are new to the list since the last time the study was run, and data is courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. Two names of notable interest are semiconductor specialist Ambarella Inc (NASDAQ:AMBA) and software powerhouse Microsoft Corporation (NASDAQ:MSFT).

150626mawo

AMBA has been a force on the charts this years -- with the exception of a recent correction -- more than doubling in value to trade at $104.85. What's more, the shares have outperformed the broader S&P 500 Index (SPX) by almost 39 percentage points over the past three months.

Analysts have begun to recognize AMBA's momentum, with the stock recently receiving a price-target hike, and being flagged as "too inexpensive to ignore" by one prominent pundit. However, options traders have rarely been more skeptical, buying to open puts at an accelerated clip in recent weeks. Specifically, AMBA's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 1.05 ranks in the 86th annual percentile. A capitulation among these doubters could power the shares even higher.

In today's trading, weekly options are again popular -- though it's calls that seem to have a rare advantage. Bulls may be buying to open Ambarella Inc's (NASDAQ:AMBA) weekly 6/26 106-strike call, while bears look like they're placing fresh bets at the weekly 7/2 100-strike put.
​ 

Meanwhile, put buying has also been popular on MSFT in recent months, per data from the ISE, CBOE, and PHLX. The security's 50-day put/call volume ratio of 0.79 sits above 87% of comparable readings from the past year. Today, puts are crossing at double the typical intraday clip, and almost two times the rate of calls.

This, despite the fact Microsoft Corporation (NASDAQ:MSFT) has surged over 14% since hitting an early April annual low of $40.12, and now trades at $45.75. In addition, the shares appear to have found a foothold in the form of their 40-week moving average, currently located at $45.53. Should the stock bounce from this trendline, an unwinding among bearish bettors could act as an upward catalyst.

Published on Jun 30, 2015 at 11:22 AM
Updated on Jun 24, 2020 at 10:16 AM
  • Most Active Weekly Options

The 20 stocks listed in the table below have attracted the highest total weekly options volume during the past 10 trading days. Names highlighted are new to the list since the last time the study was run, and data is courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. Two names of notable interest are iPad parent Apple Inc. (NASDAQ:AAPL) and e-tailer Alibaba Group Holding Ltd (NYSE:BABA).

150630mawo

AAPL is up 0.9% at $125.67 today, amid the launch of Apple Music. In other news, a federal court of appeals upheld a lower court decision that the company violated federal antitrust laws by conspiring to fix e-book prices. Longer term on the charts, the stock has been stair-stepping its way lower since its late-May high of $132.97.

Amid these losses, options traders have been buying to open AAPL puts over calls at an accelerated clip, per data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). Specifically, the equity's 10-day put/call volume ratio of 0.61 registers in the bearishly skewed 98th annual percentile. Today, however, AAPL is seeing buy-to-open activity at its weekly 7/2 126-strike call -- the equity's most active option -- as speculators wager on upside through this Thursday's close, when the series expires.

Elsewhere on the Street, brokerage firms are bullish toward AAPL. Of the 34 analysts tracking the shares, 22 have doled out "buy" or better assessments; plus, the stock's consensus 12-month price target of $148.75 stands in uncharted territory. Should AAPL continue to churn lower, a round of bearish analyst notes could result in headwinds.

​Shifting gears, BABA is attempting to come back from yesterday's sell-off in Chinese stocks, up 1.7% at $82.46. Helping the shares are reports the company may be trying to acquire India-based online payment platform Paytm. Longer term, however, the security remains a dud, down nearly 21% year-to-date.

In today's options pits, the weekly 7/2 and 7/10 series are popular, accounting for six of the 10 most active strikes -- with potential buy-to-open activity at the weekly 7/2 81.50-strike call, and sell-to-open activity transpiring at the weekly 7/10 85-strike call, according to the ISE. Option bulls have been active in recent weeks, based on BABA's 10-day ISE/CBOE/PHLX call/put volume ratio of 3.86 -- indicating long calls have outpaced puts by a nearly 4-to-1 margin.

As with Apple Inc. (NASDAQ:AAPL), optimism runs high toward Alibaba Group Holding Ltd (NYSE:BABA) within the brokerage bunch. All but one analyst covering the latter stock rates it a "buy" or better, and its consensus 12-month price target of $107.26 sits in waters not charted since late December. This could leave BABA vulnerable to a round of bearish attention.

Published on Jul 6, 2015 at 11:46 AM
Updated on Jun 24, 2020 at 10:16 AM
  • Most Active Weekly Options
The 20 stocks listed in the table below have attracted the highest total weekly options volume during the past 10 trading days. Names highlighted are new to the list since the last time the study was run, and data is courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. Two names of notable interest are blue-chip energy issues Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM).

150706mawo

CVX has put in a dismal showing on the charts, and since topping out at a record high of $135.10 last July, the shares have surrendered nearly 30%. This technical slump is in full swing today, thanks to a broader overseas-related sell-off in crude oil. In fact, the security tagged a fresh three-year low of $94.48 earlier -- following a price-target cut to $104 from $114 at J.P. Morgan Securities -- but was last seen down 0.8% at $95.03.

Against this backdrop, put players have been piling into CVX's options pits in recent months. The stock's 50-day put/call volume ratio across the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sits at 1.54 -- in the 95th percentile of its annual range. In other words, puts have been bought to open over calls with more rapidity just 5% of the time within the past year.

In the weekly 7/10 series -- which expires at this Friday's close -- put traders have been particularly fond of the 93.50 strike, where 7,830 contracts are currently in residence. For those buying to open the puts, the goal is for Chevron Corporation (NYSE:CVX) to breach the $93.50 mark for the first time since November 2011.

J.P. Morgan Securities also lowered its price target on XOM to $92 from $93, although this still represents expected upside of 11.1% to XOM's current perch at $82.85. The equity has also been in a long-term slump, down roughly 21% from its record high of $104.76, tagged July 29. Today, the shares are off 0.4%, after the company announced it will no longer be exploring for oil in Madagascar, due to disappointing findings.

Like CVX, XOM has seen accelerated put activity in its options pits. During the course of the past 10 sessions, speculators at the ISE, CBOE, and PHLX have bought to open 3.29 puts for each call. What's more, this ratio ranks higher than 94% of all similar readings taken in the past year.

Drilling down on the weekly 7/10 series, peak put open interest of nearly 1,700 contracts can be found at the 83 strike. For those who initiated long puts, the expectation is for Exxon Mobil Corporation (NYSE:XOM) to extend its trek south of $83 through week's end.
Published on Jul 14, 2015 at 12:59 PM
Updated on Jun 24, 2020 at 10:16 AM
  • Most Active Weekly Options

The 20 stocks listed in the table below have attracted the highest total weekly options volume during the past 10 trading days. Names highlighted are new to the list since the last time the study was run, and data is courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. Two names of notable interest are electric automaker Tesla Motors Inc (NASDAQ:TSLA) and drugmaker Gilead Sciences, Inc. (NASDAQ:GILD).

150714mawo

TSLA is riding the broad-market tailwinds higher, tacking on 1% to trade at $264.83. This is more of the same for the shares, which have charted a steady path higher since touching an annual low of $181.40 in late March. What's more, the stock may be resuming its uptrend after consolidating atop its 40-day moving average, following a recent peak in the $280 neighborhood.

Short-term options traders have been focused on TSLA calls over puts, per the stock's Schaeffer's put/call open interest ratio (SOIR) of 0.97 -- which ranks below 83% of comparable readings from the past year. While weekly strikes have been popular, standard July-dated options are popular today, with expiration looming at this Friday's close. Specifically, it looks like buy-to-open activity is taking place at the July 267.50 call.

GILD is sharply higher this afternoon, adding 2.1% to wink at $117. This isn't necessarily a welcome development for recent option buyers. Over the last 10 weeks at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security has amassed a put/call volume ratio of 0.64 -- which sits 1 percentage point from an annual peak. In other words, during the last year, traders have rarely bought to open puts over calls at a faster rate.

In today's options pits, however, calls are the options of choice -- outpacing puts by a 2-to-1 margin. Moreover, the most active strike is the July 120 call, where likely buy-to-open activity is transpiring. In terms of weekly strikes, the 8/14 108 put may be seeing sell-to-open action, as short-term speculators wager on a technical floor over the next month.
Published on Jul 23, 2015 at 11:01 AM
Updated on Jun 24, 2020 at 10:16 AM
  • Most Active Weekly Options
The 20 stocks listed in the table below have attracted the highest total weekly options volume during the past 10 trading days. Names highlighted are new to the list since the last time the study was run, and data is courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. Two names of notable interest are microblogging site Twitter Inc (NYSE:TWTR) and wearable camera maker GoPro Inc (NASDAQ:GPRO).

150723mawo

Weekly strikes have been popular on TWTR in recent sessions, and it's no different today. In fact, the weekly 7/24 series accounts for seven of the stock's 10 most active options. This morning, potential buy-to-open activity is transpiring at the weekly 7/24 36-, 36.50-, and 37-strike calls, as speculators wager on end-of-week gains.

Taking a step back, TWTR calls have been popular on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). During the last two weeks, traders have bought to open 3.24 calls for every put across this trio of options, and the corresponding call/put volume ratio ranks in the 83rd annual percentile.

Technically speaking, Twitter Inc is 1.5% higher today at $36.62, taking a bounce off of its 50-day moving average -- despite a price-target cut to $47 from $55 at Brean Capital. Looking ahead, TWTR will report earnings after the close next Tuesday. In the session following the company's last six turns in the confessional, the stock has moved an average of 14.6% in either direction. This time around, the options market is pricing in a 12.4% swing, based on near-term at-the-money straddle data.

Meanwhile, GPRO has shot up 4.1% to trade at $64.22. This is good news for shareholders, who watched the stock's earnings-induced momentum succumb to broad-market headwinds yesterday, to end on a slight loss. Longer term, the equity has soared 73% since hitting an annual low of $37.13 on March 10.

Positive momentum has been building in GPRO's options pits, as well, where the stock's 10-day ISE/CBOE/PHLX call/put volume ratio of 2.50 checks in above 85% of comparable readings from the past year. Today, calls are running at five times the average intraday clip, and more than twice the rate of puts.

Not everyone's on GoPro Inc's bullish bandwagon, though. Short interest rose 12.6% during the latest reporting period, and makes up close to 18% of the stock's total float. An unwinding of these bearish bets could add fuel to GPRO's fire.
Published on Aug 3, 2015 at 2:50 PM
Updated on Jun 24, 2020 at 10:16 AM
  • Most Active Weekly Options
The 20 stocks listed in the table below have attracted the highest total weekly options volume during the past 10 trading days. Names highlighted are new to the list since the last time the study was run, and data is courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. Two names of notable interest are car concern Ford Motor Company (NYSE:F) and microblogging name Twitter Inc (NYSE:TWTR).

150803mawo


F is making headlines today, following the release of July auto sales. At last check, the stock was up 0.7% at $14.94. This positive price action is a nice change of pace for F, which bottomed at a year-to-date low of $14.23 one week ago, and currently sports a year-over-year deficit of 12.2%.

Option traders, meanwhile, have been initiating bearish bets at a rapid-fire rate in recent months. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), F's 50-day put/call volume ratio of 0.44 ranks just 2 percentage points from a 52-week peak.

Echoing this is Ford Motor Company's Schaeffer's put/call open interest ratio (SOIR) of 0.96, which sits higher than 76% of all similar readings taken in the past year. Simply stated, speculative traders are more put-skewed than usual toward options expiring in three months or less.

TWTR has picked up right where it left off last week, tumbling to a record low of $28.69 earlier. At last check, the stock was off 7% at $28.83 -- widening its year-to-date decline to 20%, and putting itself on track to notch its lowest settlement to date.

The downtrend has not gone unnoticed on option traders, who have been scooping up long puts over calls at a near-annual-high clip. Specifically, TWTR's 10-day ISE/CBOE/PHLX put/call volume ratio of 0.50 sits in the 92nd percentile of its annual range. Plus, the stock's SOIR of 0.83 rests above 91% of comparable readings taken in the past 12 months.

In today's trading, puts are crossing the tape at two times the average intraday pace, with possible buy-to-open activity detected at Twitter Inc's weekly 8/7 29-strike put. If traders are indeed purchasing new positions here, the goal is for the stock to extend its decline south of $29 through week's end -- when the series expires.
Published on Aug 24, 2015 at 2:00 PM
Updated on Jun 24, 2020 at 10:16 AM
  • Most Active Weekly Options

The 20 stocks listed in the table below have attracted the highest total weekly options volume during the past 10 trading days. Names highlighted are new to the list since the last time the study was run, and data is courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. Two names of notable interest are Internet stocks Baidu Inc (ADR) (NASDAQ:BIDU) and Yahoo! Inc. (NASDAQ:YHOO).

150825MAWO3


Like the broader market, BIDU took a hard hit out of the gate, but has somewhat pared those early losses, last seen 5.5% lower at $144.45. In fact, the shares slid all the way to a two-year low of $100 earlier, finding themselves on the short-sale restricted (SSR) list.  Even with the intraday recovery, the stock is still off nearly 37% in 2015, hurt by continued weakness out of China

Short-term options traders have remained interested in calls during BIDU's technical downfall. The equity's Schaeffer's put/call open interest ratio (SOIR) sits at 0.69, only 16 percentage points from an annual low. In other words, these speculators have been much more interested in calls than puts compared to what's normally seen, among options expiring in three months or less. Today, it looks like traders are buying to open Baidu Inc's weekly 8/28 170-strike call, the most popular contract by far, in hopes the security will rebound by week's end, when the series expires.

YHOO, meanwhile, is bouncing back from a nearly two-year low of its own, at $29. The security was last seen 2.5% lower at $32.12, but remains on the SSR list. The stock's 2015 performance has been similar to that of BIDU, as YHOO has given back 36%.

Unlike with BIDU, YHOO options traders have been more interested in puts than what's normally seen. During the past 50 days at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity has accrued a put/call volume ratio of 0.49 -- higher than 88% of all readings from the past year.

Yahoo! Inc. put volume is accelerated again today, with the contracts crossing at almost twice the expected intraday pace. It appears traders are selling to open the weekly 8/28 32-strike put, betting on the shares to remain above $32 through week's end. 
Published on Aug 31, 2015 at 12:02 PM
Updated on Jun 24, 2020 at 10:16 AM
  • Most Active Weekly Options
The 20 stocks listed in the table below have attracted the highest total weekly options volume during the past 10 trading days. Names highlighted are new to the list since the last time the study was run, and data is courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. Two names of notable interest are commodity stocks Barrick Gold Corporation (USA) (NYSE:ABX) and Freeport-McMoRan Inc (NYSE:FCX).

15831MAWO

It's been a rough run for gold -- which notched a notable weekly deficit last week -- as uncertainty over the Fed's rate-hike timeline weighs on the malleable metal. This, in turn, has pressured gold miners, and ABX is no exception. The stock is off 5.8% today at $6.72 -- widening its month-to-date deficit to 37.5% -- and is within a chip-shot of its 25-year low of $6.51, tagged last Thursday.

​Nevertheless, option traders -- and analysts -- have taken the glass-half-full approach. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), ABX's 10-day call/put volume ratio has jumped to 14.45 from 6.52 over the past two weeks. What's more, the current ratio ranks in the 94th annual percentile, meaning calls have been bought to open over puts at a near-annual-high clip.

Drilling down on the weekly 9/4 series -- which expires at this Friday's close -- peak call open interest is found at the 7.50 strike. According to the ISE, CBOE, and PHLX, the vast majority of positions have been bought to open here. Should Barrick Gold Corporation fail to be sitting north of the strike at expiration, the most the speculators stand to lose is the initial premium paid.

Outside of last week's bounce off 12-year lows -- thanks to a round of cost-cutting measures and Carl Icahn -- FCX has been a long-term laggard. Year-to-date, the stock has surrendered 55.4%, and more recently, has encountered a stern layer of resistance from its 40-day moving average.

Unlike ABX, though, put players have been flooding the equity's options pits. At the ISE, CBOE, and PHLX, for example, FCX's 10-day put/call volume ratio of 0.86 ranks in the 73rd percentile of its annual range. Plus, the stock's gamma-weighted Schaeffer's put/call open interest ratio (SOIR) rests at 1.26, meaning near-the-money put open interest outstrips call open interest among options expiring in three months or less.

Today, the stock's weekly 9/4 series is popular, accounting for half of FCX's 10 most active options. Receiving notable attention from option bears is the weekly 9/4 9.50-strike put, with all signs suggesting buy-to-open activity. In other words, speculators expect Freeport-McMoRan Inc to end the week south of $9.50.


A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earning announcements before it's too late!


 

Partnercenter


MORE | MARKETstories


Cash In on the $3 Trillion Electric Car Revolution
This product could finally limit our dependence on mass foreign oil.
DocuSign Stock Soars After Optimistic Bull Note
Brokerage firm RBC hiked the electronic signature company's price target to $210 from $170
Economic Data Eases Coronavirus Tensions
All three indexes closed out their best quarter in decades
Cash In on the $3 Trillion Electric Car Revolution
This product could finally limit our dependence on mass foreign oil.