Apple shares are trying to hold on to being profitable on the day and any close above $314.74 will mark a positive close. The problem is that shares hit $319.00 this morning and the average volume of 19.7 million shares has just been surpassed by 1:00 PM EST. At 1:11 PM EST we have 20.4 million shares having traded hands. Traders and speculators are using NOVEMBER-2010 options as the ‘cheap way to trade’ to get upside or downside exposure in Apple and still have a month until expiration. These are the NOV-2010 select calls and puts showing contract volume versus the prior open interest.
CALL$   Vol.   OpInt
300.00Â Â Â 8,000Â Â Â 26,904
310.00Â Â Â 13,449Â Â Â 30,886
320.00Â Â Â 23,004Â Â Â 20,653
330.00Â Â Â 25,077Â Â Â 22,085
340.00Â Â Â 17,751Â Â Â 13,885
350.00Â Â Â 14,731Â Â Â 10,573
PUT$   Vol.   OpInt
290.00Â Â Â 8,626Â Â Â 13,767
300.00Â Â Â 11,289Â Â Â 19,148
310.00Â Â Â 7,117Â Â Â 7,440
320.00Â Â Â 6,326Â Â Â 3,505
If you tallied just these few contracts without the thousands of other contracts around other strike prices, this would be more than 100,000 contracts in the calls alone. That is another 10 million shares equivalent on a fully leveraged basis.
JON C. OGG
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