Correction! Earlier we reported that top equity options trade of the day was an order for 29,800 Sandridge Energy (SD, news, chart) September 80 call options crossed on the CBOE at $2.00. While this price was the offer at the time, floor sources indicate the customer sold and executing firm bought. A total of 31,635 calls traded on the day, and this trade may indicate locking in of profits after a new 52-week high of $68.88 yesterday. Shares, which more than doubled since starting trading in early November 2007, are down $3.87 to $64.67 at midday. Earnings from the Amarillo, TX-based natural gas and oil company expected early August. Nothing else on the wires. The chart shows when the calls came in, just as the SD was setting a low for the day
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Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.