Action is heating up in Canadian Solar (CSIQ). Shares are down 56 cents to $12.39 and have now tumbled more than 52 percent since April 7. Options order flow includes 5630 calls and 980 puts. Jun 12.5 calls traded 1200X (84 percent Ask) vs. 1175 in open interest. June 14, 16 and 18 calls, as well as Oct 16 and 17s, are also seeing volume. Directional sentiment based on the total flow is 72 percent bullish. Implied volatility remains elevated at 109 (-2 percent) ahead of a June 2 (before market) earnings release.
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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.