Smart Money Report

1. ADBE- Adobe Systems will report Q2 earnings after the bell tonight. Analysts are looking for $0.34 in EPS and revenue of $1.0 billion. Options traders are pricing in a $2.13 move, or 4.89%, in either direction. The call to put ratio in the June options is 2.10.
2. CPWR- The July $12.50/$15 call spread was put on 3,600 times for a $0.17 debit. Volume was well above the open interest in both options.
3. OI- A rollout from 1,120 June $28 calls into 1,120 July $28 calls for an additional $0.60 debit. Open interest was higher than today’s volume in the June $28 calls, but lower in the July $28 calls.
4. SPY- Big buying in the June 28 quarterly $167, $168, and $169 calls ahead of tomorrow’s FOMC meeting. However, volume was lower than the open interest in all three options.
5. AAPL- Apple shares have been hovering around the flat line, trading between $430-$435. The call to put ratio in the June options is 1.10, led by activity in the June $430 puts and $435 calls.

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