2014-09-24 Smart Money Report (EGO) (WFC)
Smart Money Report
- EGO- 8,000 Apr 2015 $7 puts were sold for $0.77-$0.78 each, against open interest of 798 contracts. There was selling in the Nov $7 puts today as well. Put activity in Eldorado Gold is 23x the average daily volume.
- MU- 9,000 Oct 18 $29 calls were purchased for $3.45 each, against open interest of 24,535 contracts. Earnings are due out tomorrow afternoon. The options market is implying a $2.50 move. The stock has moved higher after earnings on 4 out of the last 7 reports (up after the last one). Micron Technology shares held on the retest of the 100-day SMA yesterday.
- TMUS- The Jan 2015 $27/$28/$32 bull risk reversal was put on 5,000 times for a $0.38 debit. Volume was above the open interest in the Jan 2015 $28 and $32 calls. There have been reports that Iliad is looking into raising their bid from $33 per share for T-Mobile US to $35-$40 per share for up to 90% of the company.
- WFC- Another 8,500 Oct 10 weekly $51.50 puts were sold for $0.38 each, against open interest of 11,028 contracts. 10,000 were sold for $0.36 on 9/16. Wells Fargo earnings aren’t due out until 10/14.
- XOP- A rollout from 10,000 Oct 18 $73 puts (credit) into 15,000 Oct 18 $69 puts (debit). Volume was above the open interest in the $69 puts. Green Plains (GPRE), VAALCO Energy (EGY), and Emerald Oil (EOX) are the three largest weightings in the ETF.
1 On 1 Options Mentoring: Learn more about 1 on 1 options mentoring courses that help can you improve your trading odds and risk management skills.
Free Trial: If you would like to know more about premium content or you would like a free trial of our service, email me at Mitchell@OptionsRiskManagement.com .
Premium Membership: Join now to gain access to the all of the stock watchlist updates, unusual options activity reports, earnings trade ideas, weekend market updates, Premium Twitter feed, and more! All for just $29.95/month or save by purchasing an annual subscription. Join me and the other ORM traders in the chat room today!