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November 1, 2012  Thu 12:36 PM CT

AAPL: SEE CHART GET CHAIN FIND STRATEGIES
Option volume remains strong in Apple as it continues to trade beneath $600 even as the broader market rallies.

AAPL is fractionally higher on the day at $596. It did dip below $590 intraday yesterday and posted its lowest close since July. Shares hit a 52-week high above $700 in the middle of September but have been declining steadily since, with only one close above their 10-day moving average since the stock reached its high on Sept. 24.

The total option volume tops 305,000 contracts, with 188,000 calls. Once again it is the shortest-term calls that top the action, with only one trading day until they expire.

The Weekly 600 calls are seeing the most action with 19,000 contracts trading against open interest of 6,300 contracts. The Weekly 605 puts follow, with more than 15,000 against open interest of 5,261. The Weekly 610 calls, as well as the 600 and 590 puts, all have more than 12,000 contracts changing hands in volume above open interest.

This action again makes me think that this is largely intraday trading and churn by large institutional players.
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