Some chart watchers say Apple has topped out, but options traders don't agree.
Our tracking systems detected heavy weekly call buying today as investors look for the high-flying tech stock to keep rallying and potentially reach new highs before the close on Friday.
The 515 contracts, the 510s, the 520s, and the 525s all traded heavily, with activity above open interest in all four strikes. Those four alone have volume of about 53,000, a bigger total than all the strikes for 99 percent of the companies in the entire options market.
The weekly activity in AAPL is especially noteworthy because that one expiration is the busiest in the stock, even though they have only a four-day lifespan.
AAPL is up 1.89 percent to $511.61 in afternoon trading. The company's combined volume accounts for more than 4 percent of the activity in the market overall today, according to optionMONSTER data.
Weekly activity in Bank of America and U.S. Steel also stands out. In BAC, investors sold more than 14,000 puts at the 8 strike. They mostly priced for $0.10 to $0.12, and reflect a belief that BAC will close above $8 on Friday. The shares are up 1.93 percent to $8.18.
Traders are focusing on X's weekly 8 calls, with some 6,400 trading against open interest of just 407 contracts. The activity is divided between buying and selling. X are up 2.64 percent to $29.16.
Disclosure: I own X shares.
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