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Minyan Mailbag: Full Court Press with Dr. J


Thx Dr. J!


Note: Our goal in Minyanville is to remove intimidation from the financial markets and encourage an interactive dialogue among the Minyanship. We share this next article, written by Minyan Jon Najarian, with that very intent.

For more of Jon's work,
click here.

  • Ebay (EBAY) continues its march to its apparent date with $30, falling another 5% by mid-session to $32.29. This death march towards $30 is highlighted by 8,500 of the expiring April 35 puts moving up by 120% in value from $1.25 to $2.75. My reason for thinking more damage may be pending is the active accumulation of April 32.50 puts, 7,000 of which have traded and are showing gains of 275% from last night's closing price of $.20 to $.75 today. If I see much more acceleration in the April 30 put buying (3,300 at mid-session), I might have to modify my short-term target. I'm showing 43,000 calls trading against 63,000 puts and my dollar-weighted numbers are slightly more bearish coming in at 2:1 on the put side.

  • Apple Computer (AAPL) made my top 10 list today with intra-day call volume of 58,000 versus intra-day put volume of 49,000 contracts. The excitement started early with traders jumping on the Apple rebound because of their latest Mac operating system, code-named Tiger, but even the bulls were unable to hold their advantage and AAPL followed the rest of the Nas lower, nearly hitting $42 after hitting $43.19 early on.

  • A combination of new lows for 2005 and rolling expiring April positions out to May has the Russell 2000 (IWM) puts extremely active this session. I'm tracking 28,000 calls trading against over 41,000 puts. Similarly over in the full value Nasdaq options (NDX , down 11 trading 1467) are quite busy with 13,000 calls trading against 69,000 puts.

  • Profits at Abbott Labs (ABT) came in just under 10% as patients seeking pain relief actively moved from Cox II inhibitors to ABT's Mobic. Pfizer (PFE) calls are moving up in volumes over the past couple hours, with 29,000 calls trading against 4,400 puts. I'm showing roughly 8,500 expiring April 25 calls rolling out to May 25s, which have traded virtually the same number of contracts. While such moves are neither bullish or bearish in nature, I find the active accumulation of just under 7,000 PFE January 2006 27.50 calls very bullish.

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No positions in stocks mentioned.

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