Monday, April 26, 2010

iStar (SFI) - Call Accumulators Growing

SFI is trading 6.10 up more than 135% from it's close 12-31-2009 with earnings coming up 4-29-2010 (BMO). The LIVEVOL™ Pro Summary is below.

The company has traded nearly 40,000 options today on total daily average option volume of just 1,915. All but 96 contracts have been calls for 403:1 call:put ratio. The largest volume have been Jun 7.5, Jul 7.5, Jul 5 and Jun 5 calls respectively. The Stats Tab and Day's biggest trades snapshots are included (click either image to enlarge).

The Options Tab (click to enlarge) illustrates the volume relative to OI. Other than the Jul 7.5 calls, everything else has traded at or below OI. The Jul 7.5 calls are opening purchases. A little bit of digging reveals that the other three calls are long open interest and the trades today have been pre-dominantly purchases - so these are new opening order long positions (according to my research - you might want to double check).

The Skew Tab snap is nice - it shows the 10 level calls bending up even though the action has beenin the 5's and 7.5's. I've highlighted both the 7.5 and 10 level strikes (click to enlarge).

Finally, the Charts Tab (6 months) is below (click to enlarge). The top portion is the stock price, the bottom is the vol (IV30™ - red vs HV20™ - blue). The yellow shaded area at the very bottom is the IV30™ vs. the HV20™ vol difference.

We can see the stock was in the mid $2 range and is now over $6 just a few months later. Earnings are 4-29-2010 BMO.

This is trade analysis, not a recommendation.

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