Heavy Put Activity Seen on Potash (POT) and Baidu (BIDU)

05/12/2009 1:01 pm EST

Focus: STOCKS

Nick Perry

Equity Options Trader, Schaeffer's Investment Research

Baidu, Inc. (BIDU) and Potash Corp. of Saskatchewan (POT) are among the stocks showing a bias toward put buying today.

The activity on Potash Corp. just adds to what we saw yesterday and Friday. A look to the current chart shows the stock is still trying to break out.

All it takes is a quick glance at the daily chart of Baidu, Inc. to see that the put buys could be considered counter-trend sentiment.

The stock has staged a monster rally off its recent lows. The shares are currently showing a near-term pullback from an overbought condition, but clearly, buyers have been willing to aggressively chase the stock.

By Nick Perry of Schaeffer’s Trading Floor Blog

 

  By clicking submit, you agree to our privacy policy & terms of service.

Related Articles on STOCKS