Option Skews - Relatively Heavy Call Activity on Genworth Financial Inc, NVIDIA Corp, Micron Technology Inc

Here are the stocks that saw a bias toward call activity in the previous session. This filtered scan is based on the International Securities Exchange (ISE) buy-to-open data. It looks for stocks where the previous day's call volume on the ISE is at least twice as great as the put volume. It then sorts the stocks based on the call volume. Since this is buy-to-open data, this can be a good source for finding stocks where optimism is emerging. Of particular interest to me would be situations where we see call activity on stocks that are still in intermediate-term downtrends. This would be a potentially cautionary sign from the contrarian perspective.

Companies included in today's scan results: Citigroup Inc (C), CVS Corp. (CVS), State Street (STT), Genworth Financial Inc (GNW), Microsoft Corp (MSFT), American International Group Inc (AIG), Motorola (MOT), Sears Holdings Corp (SHLD), NVIDIA Corp. (NVDA), Micron Technology Inc (MU), Freeport-McMoRan Copper & Gold Inc (FCX), Pfizer (PFE), Newmont Mining (NEM), Activision Blizzard Inc (ATVI), D.R. Horton (DHI), General Electric (GE), Harmony Gold Mining Co.. (HMY), Kraft Foods (KFT), BB&T Corp. (BBT), Palm Inc (PALM), KLA-Tencor (KLAC), Oracle Corp. (ORCL), EOG Resources (EOG), CA Inc. (CA), Monster Worldwide (MWW).

Genworth Financial Inc, NVIDIA Corp, and Micron Technology Inc are the charts that stood out to me -

• The daily chart of Genworth Financial reveals the stock is still holding above the support that has been previously discussed. However, a pattern of descending highs has yet to be broken, which suggests overhead supply has yet to run out.
• I looked at NVIDIA at the end of September and discussed the pullback and support near 12. The daily chart shows the shares are bouncing off that support and trying to break the recent downtrend.
• When I looked at Micron Technology last week the equity was nearing a short-term oversold reading and testing its lows from the beginning of the month. The updated weekly chart shows the shares are now showing some signs of life. The equity is up 5% on the week and bouncing out of the short-term oversold condition.

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