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Limited upside seen in First Financial

Chris McKhann (chris.mckhann@optionmonster.com)

One trader is apparently calling a top in shares of First Financial Northwest.

optionMONSTER systems show that 7,746 FFNW options have traded so far this morning, compared to total open interest of just 1,791 contracts and a daily average of 88. Almost all of the action was in the December 10 calls, where a trader sold 1,000 for $0.75 and then another 6,727 for $0.70.

These options weren't tied to any trading in FFNW shares identified by our systems today, but they were likely sold against an existing long stock position in a covered call strategy. That would be bullish up to that $10 level, which the stock was above early this morning. (See our Education section)

FFNW is down fractionally at $9.89 in midday trading. The savings and loan was as high as $10.12 this morning, just off yesterday's intraday high. Shares bounced off $7.50 a month ago and have been in a tight range for the last week.

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