Look at September $24, 25 and 25 calls in price and volume.Yikes, time to shut the front door.Healthy Trading!
Those options are ten dollars deep in the money and for options with four weeks remaining carry no premium.I suspect folks that are going short against the house the only way legally left--to hold the underlying shares past a one year date for LTCG purposes.VIX is quiet, so premium is at a, well premium.Jackson Hole will be at best IMHO a see you in Sept scenario, so that is bound to be, a letdown of some proportions. I went the other way, unloading deep in the money calls for a winter spread of October December and January calls, with a negative bias more deep in the money the further out.I'm trying to make a few bucks, and protect the basis. To be fair, Bernanke seems to read what the market thinks it needs to support this bubbly stock scenario and bow to the masses. It certainly feels that way.With his job at stake, I suspect he'll bend in that direction, but it pays to be conservative..
Comparably,price action on todays pullback was on very light volume as well.Up days seem to have more behind them however, we are due a correction; this can't go straight up.
As long as silver continues to ride up and there is talk about metals, not to mention failure to deliver, SLW can and will continue to go straight up. Granted, it will fall just as quickly but not until we see $40.00+ IMO.
Shares transacted may have been below average in volume, options traded were all together different, tomorrow morning will tell how these transactions affect open interest.very transformational options trading today. HT
http://stockcharts.com/h-sc/ui?s=SLW&p=D&b=5&g=0&id=p03144851047&a=261483496My chart that may show early signs backing said call.Full disclosure, out with profits intact here.HT