Potash Options Mid-Day Check (Oct 21)

 

 

As of this writing (1:17pm) Potash shares are down $7.06 (8.66%) to $74.48.

This now turns the 75 strike level into the at-the-money level, as opposed to yesterday’s 80 strike level holding the ATM distinction. For all values we will use the front-end November contracts.

Let’s calculate the volume and open interest in the closet five strike levels for both calls and puts as of approximately 1pm on October 21st.

Potash Calls (75 – 95 Strikes)

Call volume is at 5209 for these lots. Many have lost over 30% of there value vs the October 20th closing prices.

Open Interest for this group is currently 7956

Potash puts (75 – 55 Strikes)

Put volume is at 4013 for this grouping. While calls have lost 30%+ of there respective value, the puts have only gained 20 – 25%.

Open Interest for this grouping of strikes is currently 6732.

Current Market

Although Potash is trading decidedly to the downside today Option players are still bullish on Potash calls heading into Q3 earnings.

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