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Full Court Press

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  • The energy bulls (including me) didn't have to wait for earnings from Exxon-Mobil (XOM), Schlumberger (SLB), ChevronTexaco (CVX) and the rest of this week's earnings from energy stocks to be a catalyst, not while we have Valero buying Premcor to create North America's biggest refinery. The street loves the Valero Energy (VLO) Premcor (PCO) deal, as PCO trades up $12.35 to $71.35 and VLO is also up $2.78 to $77.82 and has traded as high as $78.95. The at-the-money June 80 calls are up 40% in VLO, trading $4. I'm showing 19,000 VLO calls changing hands against 6,800 puts and a very bullish 4:1 dollar weighted trade on the calls.

  • Bulls continue to run in Google (GOOG) where calls are out trading puts 48,000 to 38,000 and my dollar weighted number are over 3:1 in the bulls favor. The May 230 calls trade over 15,000 contracts and post a gain of 78% to $4.20. Meanwhile the May 220 puts trade 11,000 contracts and lost 37% of their value falling to $5.80 from $8 on Friday.

  • General Motors (GM) announced it is recalling over 2 million vehicles, most because the second row seat belt may be difficult to properly position across the passenger's lap. Several series of both calls and puts are active, but most notable is the accumulation of nearly 11,000 June 25 puts, as today's trading nearly equals the open interest at that strike (12,455).

  • The CBOE launched a new futures contract on the Dow Jones 30 Industrials under the symbol VXD.

  • The Mini-Nasdaq (MNX) shows dollar weighted calls out trading puts 3:1. Thus far 18,000 calls trade against 5,400 puts.

  • The Russell 2000 ETF (IWM) options are active yet again and traders appeared to be buying the August 114 puts (7,000 trade) for protection for the sale of the higher volatility May puts, where nearly 9,000 have traded collectively.

position in gm & vlo
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