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October 11, 2012  Thu 12:49 PM CT

AAPL: SEE CHART GET CHAIN FIND STRATEGIES
Option volume is surging in Apple again today as its shares fall under heavy pressure.

AAPL options again tops 530,000 contracts, the third largest volume on the market so far today. The shortest-term calls again lead the action with the Weekly 650, 645, and 640s all seeing more than 30,000 contracts.

These are the same strikes that were active yesterday. The open interests at those strikes coming into today's session were 12,600, 8,092, and 10,468 respectively, so it appears that there is a lot of intraday turnover going in these options.

Today also sees strong action in the Weekly 635 puts with just shy of 30,000 contracts traded against open interest of 6,162.

The implied volatility of these options is around 25 percent. That jumps to 29 percent in the regular monthly October expiration and to 35 percent for November. The 30-day historical volatility is 22 percent, and the 10-day reading is 25 percent.

AAPL is down 1.5 percent to $631.10, facing its lowest close in two months.
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