pennystocksandpicks.com: Schaeffer's Option Blog: Traders Open a Short Straddle on eBay (EBAY)

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Today's hot alert includes : eBay (NASDAQ: EBAY)

Schaeffer's Option Blog: Traders Open a Short Straddle on eBay (EBAY)

CINCINNATI-- It appears that options traders may have opened a straddle position on the shares of eBay (NASDAQ: EBAY) on Tuesday. Data from WhatsTrading.com revealed that the stock saw more than 43,400 contracts cross the tape, which is more than double the equity's average daily trading volume of 20,786 contracts. Roughly 56% of the volume crossed on the call side.

Digging into the action, the July 16 put added more than 3,000 new positions on Tuesday, putting its open interest at 18,203 contracts. At 9:37 a.m. Eastern time, three large blocks totaling 3,180 contracts traded at $0.46, which was the bid price. Meanwhile, the July 16 call added more than 3,000 new positions as well, putting its open interest at 10,231 contracts. At 9:43 a.m., several large blocks totaling more than 3,000 contracts changed hands at a bid price of $0.89, indicating the position was sold.

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