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Daily Stock Market Equity and Options Trading Commentary

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Thursday, February 19, 2009

Top 10 Option Contracts Traded 2/19/2009

Today the top ten option contracts traded (puts and calls) were as follows:

1: SPG MAR 35 PUT
2: SPG FEB 40 PUT
3: GS FEB 75 CALL
4: GS FEB 70 CALL
5: JNJ FEB 55 CALL
6: GS FEB 65 CALL
7: GE FEB 10 PUT
8: GS FEB 60 CALL
9: BAC FEB 4 CALL
10: BAC FEB 4 PUT

Tomorrow is the option expiration so it could be a very volatile day. With the pre-market down over 60 it looks like we may hit new intraday lows... If that is the case like the other 2 times we have hit the intraday low (both in October and November) we had a snap back rally and then rallied for a couple weeks as much over 20%. I am not saying we are due for a cray rally, but I do believe that this market has been far too easy to short the last couple days. I believe that sooner rather than later shorts will need to cover (especially going into a weekend) and will push the market a little higher. I think we have a good chance of closing higher Friday just because I know many traders/investors would not want to stay short over the weekend. Oddly enough there was a lot of action for Goldman Sachs options ending tomorrow. I do not know why so many would be buying way in the money Calls on GS... Maybe we'll see nice move tomorrow... I guess time will tell soon though. Good luck!


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