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Full Court Press With Dr. J


  • The Chicago Mercantile Exchange (CME) is up $12.50 to $190.51 and its calls are about 1.5 times as active as its puts, but when my dollar weighting comes into play the calls register a strong 4:1 ratio. The May 190 calls are up 130% to $7.10, the May 195 calls are up $2.50 to $4.60 and May 200 calls are up $1.55 to $2.90. Today's rally carries the CME to a $6.5 billion valuation, but still $40 under its 52-week high of $230 and nearly 3 times the valuation of the NYSE!

  • Genentech (DNA) holds most of this morning's rally, up $4.87 to $74.30 and its calls have moved up to the third most active equity on my latest scan. Call to put volume is nearly equal, but my dollar weighted numbers are solidly above 4:1. The highest volume call strike is skewing that dollar weighted ratio as 7,600 calls trade up $4.90 to $15 on the session, but the biggest percentage winner were the expiring May 75 calls, which show a $1.50 gain to $2.45, a quick 158% cha-ching.

  • Nothing defies the law of gravity forever, although we all have our favorite examples of stocks that have notable, lengthy fights, but today Google (GOOG) is finally losing the fight, if only for a while. GOOG is near session lows at mid-session, down $3.60 to $219.91 and the same call & put strikes that were busy yesterday are likewise busy again today, but moving in the opposite direction today. The May 230 calls are losing $1.50 (30% of their value) on 9,100 contracts and the May 220 puts are up 25%, or $1.40 to $7.00 as GOOG trades lower. Veteran traders will note however, that the volatility is coming out, not going up, an indicator that there is no panic setting in.

  • Mover vulnerable seems Ebay (EBAY), where I'm showing 5,500 calls trade against 8,400 puts, but the put values are nearly 5:1 versus the calls. Busiest strike on the put side are the May 30 puts, which have traded 10,000 contracts thus far today.

  • American Int'l Group (AIG) puts are out trading calls by over 2:1 (15,300 to 6,600) and my dollar weighted index is less than 2:1 on the put side.
position in dna
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