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Interesting about WMX...I write The WOLF which uses option volume & open
interest to find options under accumulation by "smart money". We just
came off a nice 62% profit in CU calls, but that's another story.
On 12/17, WASTE MANAGEMENT Jan 22 1/2 calls traded 5045 calls with open
interest of 300. That ratio of high volume to open interest is
indicative of URGENT buying of the option.
We are long the stock at 27 1/2 and the calls at 5. I expect to see the
gap at 34-35 filled and the calls should trade to at least 10...
A close above 27 would set the ball rolling. The strength on Tuesday,
including the volume, was very bullish!
Alan Friedman
http://www.perfecthit.com/wolf/wolf.htm
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