This is a good learning experience for the newbie option players. Looking at the CYMI Aug 25 Puts, the option itself should be negative for the day considering the underlying stock is trading up .50 but because there is so much buying interest and volume today, especially compared to Open Interest (OI), the option is up .80 to 1.75. As long as there is buying pressure on any option like this, it doesn't matter how the underlying is trading.
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Trading Journal - June
- Thread starter Seanote
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Ok, I'm a little confused. Are you shorting CYMI because of the action in the auggie puts or because of the way the stock looks? Frankly, I'd be afraid to short it here, looks like it is way oversold.
Originally posted by AAAintheBeltway
Ok, I'm a little confused. Are you shorting CYMI because of the action in the auggie puts or because of the way the stock looks? Frankly, I'd be afraid to short it here, looks like it is way oversold.
Thu Aug puts have something to do with my short, but also watching the the doji's over the past month and a half and how the stock has reacted. I don't think this stock is oversold. One could argue JDSU has been oversold for the last 1 1/2 but it's still oversold. I see where coming from though. I'm still considering writing the June puts.
Originally posted by Guerilla
Seanote, do you use any software that filters for anomolous changes in option volume or have you just been keeping an eye on CYMI?
I just kept an eye on this one. One my boys in Florida just finished writing a software that will look for this kind of discrepancy. He's giving me a beta sometime later this month.
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