Well hard to argue with today’s move….GLW up over 10% on the day at #33 (+$3.20) on very heavy volume (>13 million shares traded vs. 90 day average of around 6 million per day). See our earlier post first thing this morning.
Interestingly, the most active options strike today has been the August 31 PUTS (!) where over 23,000 contracts have traded between $.20 and $.55 including a 5,000 contract block right out of the gates this morning at $.38. All this activity creates by far the largest block of open interest in
GLW in any strikes over the next few months. Market is currently $.18-.20 as I type this note.
Apparently some people are either looking for a pullback over the next 3 weeks or are simply hedging long exposures, but this option activity stands in stark contrast to today’s huge upside move.