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Strategies & Market Trends : Galapagos Islands -- Ignore unavailable to you. Want to Upgrade?

To: X Y Zebra who wrote (25671)	2/7/2003 12:14:33 AM
From: Jorj X Mckie	Read Replies (1) \| Respond to of 57110

and....Maxpain for the SPX is dropping...down to 890 from 900

To: X Y Zebra who wrote (25671)	2/7/2003 12:30:32 PM
From: X Y Zebra	Read Replies (1) \| Respond to of 57110

Schaeffer's Option Activity Watch Features AMGN, DUK, and JPM PR NEWSWIRE - February 07, 2003 10:49 CINCINNATI, Feb 7, 2003 /PRNewswire via COMTEX/ -- Today's Schaeffer's Option Activity Watch features Amgen (Nasdaq: AMGN), Duke Energy (NYSE: DUK), and J.P. Morgan Chase (NYSE: JPM). The Option Activity Watch is a report that takes a closer look at three equities appearing in our most unusual option activity report from the previous day. The Option Activity Watch is published on www.SchaeffersResearch.com -- the home of Bernie Schaeffer and Schaeffer's Investment Research. For additional information about this report or to have it delivered to you free via email every day click on the following link: schaeffersresearch.com . (Photo: newscom.com ) Schaeffer's Option Activity Watch: 1. Options players proved to be fond of Amgen (Nasdaq: AMGN) puts yesterday, as more than 4,000 contracts were added to its April 55 strike. This helped lift the security's Schaeffer's put/call open interest ratio (SOIR) from 0.50 to 0.54 overnight. This reading is lower than 60.8 percent of those taken over the past 52 weeks. Wall Street continues to be enchanted by the shares, as 24 of the 27 analysts following AMGN rate it a "buy" or better, according to Zacks. Technically speaking, the equity has been steadily climbing higher on support from its 10-week and 20-week moving averages. However, it faces overhead resistance from its 20-month trendline. This long-term moving average has capped the stock on a monthly basis since November 2001. In addition, nearly 21,000 calls have accumulated at the security's out-of-the-money February 55 strike. These contracts could act as options-related resistance, halting further rally attempts. Click the following link to see the Weekly Chart of AMGN since March 2002 with 10-Week and 20-Week Moving Averages: schaeffersresearch.com . 2. Duke Energy (NYSE: DUK) also experienced some heavy put trading yesterday at its April 17.50 strike. Open interest at this option jumped from 5,032 to 9,132 contracts. Regardless of these put additions, the security's SOIR is still lower than 76.8 percent of all readings taken during the past year. DUK's short interest jumped by 34 percent over the most recent reporting period but is still well off its recent highs. The stock has been in a steady downtrend and is now trading at levels not seen since May 1994. It also has overhead resistance at its 10-week and 20-week moving averages. Peak front-month call open interest resides at the 17.50 level, adding another area of potential resistance. At the same time, February put open interest below the stock is light, offering little in the way of options-related support. Click the following link to see the Weekly Chart of DUK since April 2002 with 10-Week and 20-Week Moving Averages: schaeffersresearch.com . 3. Optimism continues to grow toward J.P. Morgan Chase (NYSE: JPM). The equity saw open interest at its March 30 call increase from 36,635 to 46,867 contracts yesterday. Its SOIR checks in at 0.78, as calls outnumber puts in the front three months of options. This reading is lower than all but 7.2 percent of those taken over the past 52 weeks. Furthermore, the number of JPM shares sold short dropped by three percent over the past month to 29.6 million. This is less than three times the stock's average daily trading volume. From a technical perspective, the shares have fallen through key support at the 23 level while potential options-related resistance waits overhead at the 25 strike. Click the following link to see the Daily Chart of JPM since August 2002 with 10-Day Moving Average: schaeffersresearch.com . The best way to take advantage of the timely commentaries from SchaeffersResearch.com is to sign up to receive their e-newsletters -- Opening View, Midday Report, Market Recap and Monday Morning Outlook. Click here to have the Schaeffer's commentaries delivered to you free via email every day: schaeffersresearch.com . About Schaeffer's Investment Research ( www.SchaeffersResearch.com ) Schaeffer's Investment Research, founded by Bernie Schaeffer in 1981, is a financial information and trading resources company. It publishes Bernie Schaeffer's Option Advisor, the nation's leading options subscription newsletter. The firm's contrarian approach focuses on stocks with technical and fundamental trends that run counter to investor expectations. The firm's website, www.schaeffersresearch.com , is recognized as one of the leading information sources for stock and options traders and was cited as the top options website by both Forbes and Barron's. Click here for more details about Schaeffer's trading methodology: www.schaeffersresearch.com/method . Contact: Tom Godich at Schaeffer's, Phone: 513-589-3800; Email: pressrelease@sir-inc.com SOURCE Schaeffer's Investment Research CONTACT: Tom Godich of Schaeffer's, +1-513-589-3800, pressrelease@sir-inc.com /Photo: newscom.com AP Archive: photoarchive.ap.org PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840 URL: schaeffersresearch.com