Segundo o analista Larry McMillan da McMillan Analysis, o elevado número de posições abertas em opções call do S&P100 terá um efeito de subida nos mercados, pelo facto de que muitos dos seus titulares estão também vendidos nas acções subjacentes, e quando vendem os seus calls têm de comprar as acções vendidas.
NEW YORK (CNN/Money) - "Investors are holding a huge amount of December 'call' options, which allow them to buy at a set price, on the S&P 100 index which are "in the money" -- which means that they are trading below the index's current price. At the same time, points out , there is very little open interest in December in-the-money 'put' options, which allow investors to sell at a set price.
Hold one of these in-the-money S&P 100 calls until it expires on Friday, and whoever sold it must deliver to you the underlying stocks at a fixed price -- which means they'd have to do a lot of buying. That's generally way too big a pain for everybody involved, so instead the seller will buy the call back from you -- probably at a much higher price than you bought if for, given the way the market has gone up over the last few months.
Many of the holders of those in-the-money calls, points out McMillan, have hedged them by selling the underlying index short. When they sell their calls, they're also going to unwind their short positions by buying shares. (A short sale entails selling borrowed securities; it pays off when the securities fall in value.)
As of Tuesday's close, there were more than 30,000 more in-the-money S&P 100 calls than there were puts. If the index moves decidedly above its current 535, that difference would swell to more than 50,000. If it moved above 540, the difference would be more than 80,000 -- as big as it's gotten in recent memory. (A similar story can be told with options on the S&P 500.) In other words, the more stocks go up, the more of a boost the market could get."
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