SPIN, I am not seeing any heavy put activity in WAVX, if at all, the January 2004 calls open interest (all the way to a strike of $15) sinks the puts. For next week's expiry there is an open interest of 982 calls and 164 put contracts at $5, there is no open interest in the $2.5 puts and 136 contracts. If max pain were to work, before next Friday, the "powers" will attempt to bring the price down to the $2.5. level. The September expiry is more balanced with 166 and and 105 contracts of calls and puts respectively (the $5) and the $2.5 come in (open interest sill) at 24 vs 280, indicating that if that stay in the same ratio, max pain should be just under $5 not 2.5. Of course, 9/19 is still far out. The Nov. are insignificant, but the January 04 shows an open interest of 4720 calls vs 480 put contracts at the strike price of $5, indicating very strong bullish sentiment, furthermore, there is s sizeable open interest of calls (but no puts) at the strikes of $10 and $15 (2064 and 1226 respectively) indicating unusual bullish sentiment by someone. Usually, a contrary position to the options players is taken, so excessive bullishness in the options pit is not very positive. I have not looked at these options before, and it is quite possible that the 2004 outlandish position were leaps bought two three years ago and left there, thus the Jan 2004 position may not be of great significance, unless someone here looked at these recently and can attest that these positions are relatively new.
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