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Full Court Press with Doctor J

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  • Valero Energy (VLO) kicked off a rebound in the Oil Sector when they shut down the coker processing unit at its St. Charles refinery in Louisiana on Saturday for 10 to 14 days to conduct unscheduled maintenance. That sparked a big rally in VLO yesterday and a 3.5% followthrough today, as VLO trades up as high as $74.10. I show 14,500 calls trading against 3,800 puts, but my dollar-weighted values are even more bullish 8:1. OXY is also getting pretty positive moneyflows, as are the tankers, with Frontline (FRO) trading up 3.4%, Teekay Shipping up 2.7% and Top Tankers (TOPT) up 4.3%.

  • Texas Instruments (TXN) option volumes are strong on the bullish side, with 20,000 calls against 5,200 puts as TXN is holding better than 6% in gains and nearly touched $25 just after the opening.

  • Two different flavors of the Russell 2000, both the IWO, which is the ETF of the growth index and the IWM, which is the ETF of the Russell 2000 have been active and trading higher today as both have traded over their 3-month average volumes by mid-session. I show the IWM trading over 8,000 calls and 27,000 puts. The institutions seem to be focused on selling puts on both indices, but the action is really exagerated in the IWO, where I show the May 61 - 59 put spread trading 22,500 times, for a total of 45,000 contracts.
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