Weekly Weekly’s for 8.28.14


As we inch closer to the long Labor Day Holiday weekend, I’m mostly focused on weekly’s with options expiration for this Friday. I have a feeling many traders will be using this strategy with the weeklys for a quick turnaround play before taking off for the weekend. It’s going to be very interesting to see where some of the more active stocks of the week land Friday…

Salesforce (CRM) is among them. The weekly 57 strike puts popped up earlier this morning with 2,7000 contract trading as that stock trades around $58.

Gilead Sciences is another popular stock. Options players have been all over this one buying calls and many traders were happily on the right side of the trade as the stock rallied to a 52-week high above $108 this week. Today there seems to be a change of pace with puts trading at the 104 strike into this week’s expiration and 106 puts for next week (Sept.5 expiration). GILD is trading around $107.

Another stunning stock this week has been Amazon. I know some traders may be looking to short AMZN through the options as the stock trends higher. Puts are active in multiple strikes going down to the 314 strike,along with 322 and 335 strikes. There are some call buyers at the 342 strike.

Yahoo (YHOO) has plenty of options action this week, some of that may have been related to traders building positions into the Alibaba IPO expected next month. Alibaba reported an earnings surge this week. Yahoo shares are trading not far off from a 52-week high. The options paper is on the light side, but still something I like to track. Calls are active at 38 and there is light paper in the calls in the September 40 weekly call strike.

In the traditional options traders are building positions in the 38 and 39 call strikes. Traders may even be playing the Weekly’s off the traditional options.

Tesla is another one that has moved up with the market today the stock is relatively flat around $263. TSLA calls active at 265 and puts at 260 strikes.

GT Advanced Technologies bounced higher this week as reports suggest the company’s sapphire glass could be used in the iPhone 6 that might be unveiled (possibly) September 9th. There are call buyers at the 18 strike as the stock trades around $17.

Action is also picking up in the Emerging Markets Index EEM this week, today it’s tamer with 600 of the 45 put contracts trading for this week’s expiration and 44.5 puts for next week’s expiration.

Checking SPX, the S&P 500 made it over the 2,000 mark this week but today trader are reaching for downside put protection down to the 1,940 put line, also activity in the 1975 puts. The weekly call buyers still persisting at the 2,000 strike. I’m Angela Miles. I’ll see you next time.. Twitter: AngieMiles