Zeev's Turnips Patch-No Politics (ZEEV)

[Joe Stocks]

>>> Call open interest surged at General Motors' (NYSE: GM) January 2003 40 call overnight from 7,939 to 15,442 contracts. The option's largest block trade was a transaction of 2,500 contracts that crossed the tape at an ask price of 2.90. Sentiment toward the equity is mixed at the moment. The stock's SOIR has declined from its November 12 peak of 1.34 to its current reading of 1.13. This reading is lower than 66.4 percent of those taken over the past 12 months. However, the number of GM shares sold short rose 11 percent over the most recent reporting period to 36.9 million shares. It would take nearly five days to cover all the short positions at the equity's average daily trading volume. Analysts are also skeptical of the shares, as three analysts rate it a "strong buy," 10 rate it a "hold," and one rates it a "strong sell." The stock is currently battling resistance at the 40 level. This is the site of a 50-percent retracement level from the equity's August 27 high of 50.05 and is October 9 low of 30.80.
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