Impressive Turnaround In 3M…
We
continue our cautious, yet bullish, outlook on the market as Wall Street’s
ability to overcome bad news, from PMC Sierra
(
PMCS |
Quote |
Chart |
News |
PowerRating) last week to today’s warning from 3M
(
MMM |
Quote |
Chart |
News |
PowerRating), has the bears been confounded. I pity the poor shorts that
were cheering the potential for downside fireworks when the multi-national with
product lines that run from Post-it notes to healthcare traded down to $109.25.
Why pity? Because the subsequent dead-cat bounce has taken MMM shares back above
Friday’s close to $115.80! That’s a pretty powerful rebound in any market
and really got our attention today.
The catalysts were a slew of positive economic reports that included the
Commerce Department’s reports on personal income and spending. Since consumer
spending makes up just under 70% of the country’s economy, traders here took
the .5% increase as a real positive. Couple those positive reports with
increasing construction spending and a much better-than-expected National
Association of Purchasing Management report which showed manufacturing activity
hitting its highest levels of the year and you have some pretty combustible
kindling that has fueled today’s rally.
As far as trading today, Siebel Systems
(
SEBL |
Quote |
Chart |
News |
PowerRating)
continues to rock, as Merrill upgrades the software maker. Both Microsoft
(
MSFT |
Quote |
Chart |
News |
PowerRating) and Intel
(
INTC |
Quote |
Chart |
News |
PowerRating) are
getting some positive $ weighted call money flow, but nothing on our computer
scans indicates significant real commitment of buyers or sellers, as most
trading floors seem to be operating at 50 — 60%. By this same time tomorrow
we’ll be lucky to have 30 — 40% of the regulars down here, as traders
stretch a short work week into a long weekend.
Most Active $ Weighted Calls
| Symbol
|
Call
Volume
|
Put
Volume
|
$W
Call Vol
|
$W
Put Vol
|
| MSFT
|
13,841
|
3,526
|
56,845
|
8,100
|
| INTC
|
28,753
|
6,220
|
44,928
|
8,999
|
(1010WallStreet.com has licensed
the use of Hamzei Analytics proprietary options analytics)
Most
Active $ weighted Puts:
| Symbol
|
Call
Volume
|
Put
Volume
|
$W
Call Vol
|
$W
Put Vol
|
| CIEN
|
2,876
|
2,486
|
8,174
|
77,528
|
| WCOM
|
6,392
|
7,110
|
6,216
|
24,714
|
| CHKP
|
1,984
|
1,657
|
8,667
|
24,556
|
| CMVT
|
154
|
791
|
568
|
22,506
|
(1010WallStreet.com has licensed
the use of Hamzei Analytics proprietary options analytics)