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Todays Sentiment Watch Comment
7/30/2001 Semiconductor giant Texas Instruments (TXN – 34.85) saw heavy call activity and big increases in open interest across many option series on Friday. 26,517 contracts traded on the at-the-money August 35 call (TNZ HG). Of these, nearly 10,000 contracts translated to open interest. Additionally, the out-of-the-money September 40 (TXN IH) and September 45 calls (TNX II) also saw significant activity. The September 40 call traded 11,843 contracts across all exchanges taking the open interest at this strike from 996 contracts to 10,720. Similarly, the September 45 call traded 10,016 contracts, all on the Chicago Board Options Exchange (CBOE), moving the open interest from only 51 contracts to 10,075. This substantial call activity has driven the Schaeffer's put call open interest ratio (SOIR) down to 0.32, its lowest level of the past 52 weeks. There are currently more than three open call positions for every open put contract for options expiring in three months or less. TXN has rallied sharply since announcing earnings after the bell on July 23 that beat analysts' estimates by a penny. The stock has added over 13 percent since its July 23 close of 30.80. However, there is some chart congestion in the high 30s that could serve as resistance. Also, TXN has not managed three consecutive closes above 40 since early February.
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