EMC loses 74 cents to $27.38 and is down 4.2 percent from the 52-week highs from Friday. One player might see limited downside for the stock from these levels and bought-to-close 6880 Apr 29 calls on EMC for 50 cents per contract on ISE. 7,257 now traded. Looks like Mar 27 calls and April 24 puts are being bought on EMC today as well. 11,000 calls and 2,745 puts traded on the storage device maker total and levels of implied volatility moved up 11 percent to 27.5.
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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.