Therefore, buying calls in some of these names or even the Building Materials Spyder (XLB - commentary - Cramer's Take) might make sense to capture bounce next week.
In individual name notable option activity, EMC (EMC - commentary - Cramer's Take) is seeing heavy call buying. Thus far, the April $15 call has trade over 8,000 contracts, which is more than 60% of the strike's prior open interest. There's no apparent news in the name. Maybe people are just nibbling on the beaten down data storage company. It's worth keeping an eye on -just in case there is something going on.
Steven Smith Blog Choppy Waters Ahead 3/20/2008 9:35 AM EDT Options in the financials and commodites should see brisk trading today.
Steven Smith Blog Just Another One-Day Wonder? 3/19/2008 4:32 PM EDT The market once again couldn't follow up on a great performance.
Steven Smith Blog Flat Market Leads to Options Decay 3/19/2008 12:27 PM EDT And a look at options trades in Wachovia and Sherwin Williams
Steven Smith writes regularly for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks. He also doesn't invest in hedge funds or other private investment partnerships. He was a seatholding member of the Chicago Board of Trade (CBOT) and the Chicago Board Options Exchange (CBOE) from May 1989 to August 1995. During that six-year period, he traded multiple markets for his own personal account and acted as an executing broker for third-party accounts. He appreciates your feedback; click here to send him an email.To read more of Steve Smith's options ideas take a free trial to TheStreet.com Options Alerts.
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