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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (82204)	7/28/2008 4:15:59 PM
From: ajtj99	Respond to of 116555

Lehman Sept. 10 2008 puts had open interest of 1,696 contracts prior to today. Today there were about 18,000 contracts traded, and at nearly all were new positions at the 10 strike. It's strange when in a single day a strike 33% out of the money trades over 10-times its open interest. LEH needs to be at about $9 before these positions start to make money at Sept. expiration (assuming they were bought earlier today), so this is a pretty bearish bet on LEH near term. finance.yahoo.com