International Business Machines Corp. (NYSE: IBM) is on deck for earnings this afternoon, and traders have begun their last minute bets by using call and put options. The OCT-2009 CALLS and PUTS expire tomorrow at the close, so these bets are right around the closest strike prices only. We have included the OCT-2009 CALLS and PUTS only along with trading volume and the listed open interest.
CALL$   Volume   OpInt
120.00Â Â Â 11,228Â Â Â 33,884
125.00Â Â Â 9,571Â Â Â 20,881
130.00Â Â Â 10,166Â Â Â 18,605
135.00Â Â Â 2,180Â Â Â 6,788
PUT$   Volume   OpInt
115.00Â Â Â 1,900Â Â Â 17,011
120.00Â Â Â 3,659Â Â Â 9,824
125.00Â Â Â 5,395Â Â Â 9,586
At 2:32 PM EST we have shares trading down 1.1% at $126.96 and trading volume in the stock is only about 5.5 million shares versus a full day’s trading volume of about 6.7 million shares. Because of its super high share price and because the Dow Jones Industrial Average is a price-weighted index, our take is that IBM is perhaps more crucial than any other component as far as whether this DJIA 10,000 level can hold.
JON C. OGG
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