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Two Rallying Stocks with a lot of Put Action

Apr 02 2008

Two Rallying Stocks with a lot of Put Action

    Citigroup ( C ) and Carnival (CCL) have both been a part of the recent market rally but today presents some caution as there have been some large put positions purchased in both.

    Citigroup has rallied from a little under 18 to over 25 in the past two weeks but investors aren’t anticipating much more upside as April Puts at strike prices of 20, 22.50, and 25 have been in high demand today. The company will announce earnings on April 18th and may be affected in the meantime by the earnings from other similar institutions.

    Carnival Corp which operates the Carnival Cruise Lines has also rallied within the past two weeks. Carnival’s stock has moved from 36.50 to 43.50 in a fairly short amount of time. The company just yesterday announced a refund policy to compensate passengers for fees they have paid for higher fuel costs which were added to ticket prices after the initial reservation was completed. There has been some very aggressive Put buying in the month of April at the 40 strike price and in July also at the 40 strike price.

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