3M is trading down 34 cents to $88.65 on relatively light volume of 1 million shares and is one of 24 Dow stocks in the red through midday Monday. Meanwhile, 6,000 puts and 850 calls traded on the stock, which is double the expected volume for midday. October 80 puts on MMM are 9.8 pecent OTM with a -.21 delta and are the most actives. 3,135 traded (70 percent Ask) against 3,121 in open interest. ISEE is reporting an opening buyer (2500 contracts on ISE so far) and 30-day ATM vols are moving up 8.5 percent to 18. Bearish trading in MMM might be to hedge earnings, due the morning of July 26.
About the Author (Author Profile)
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.