Unusual Friday Options in Chevron (CVX)

Posted in Options 
August 14th, 2009

Chevron Corp. (NYSE: CVX) held up incredibly well today considering the huge drop in oil prices. The most unusual issue about it was not the stock… CALL OPTION ACTIVITY was off the charts..This looks more like large dividend capture trading than anything sinister or brewing…

AUGUST $60.00 calls traded 18,280 contracts vs. 1,996 contracts in the open interest while the $65.00 CALLS traded some 124,330 contracts versus open interest of 9,238 contracts.  But September was unbelievably active in Call Options:

Strike…   Volume     Open Int.
$45.00..   363,000    24,333
$50.00..   170,000   11,442
$55.00..   28,015      2,122
$60.00..   20,029    5,059

JON C. OGG
AUGUST 14, 2009

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