Pin it to Win it
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Happy summer, happy quarterly expiration - basically the only expirations that still have much 'oomph' given that every Friday is a weekly expiration now (and soon we may see daily expirations if rolling weeklys get listed).
After yesterday's big sell-off and massive IV spike, many traders are adjusting positions and/or licking some wounds. Pin potential (that magnetic 'draw' of a stock price toward a strike with very large open interest) is seen in a few names where total OI is large relative to average daily stock volume. Some traders like to sell straddles or strangles in the morning, to be closed out in the last hour as shares may pull toward the pin strike.
Of these, I like the DISH Network (DISH) straddle ($0.70 bid this morning) because the product is liquid enough to trade. United Parcel Service (UPS) is also decent at $0.48 bid and good liquidity.