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The Underground Trader: Tech Story of the Day

September 9, 2010

by The TopStock Team

The Underground Trader

We wish to introduce a new periodic feature to TSP Flash Alerts: The Underground Trader. These posts are authored by a long-time friend and colleague who specializes in trading futures and options. The Underground Trader is a very close watcher of the indices and is a market junkie who cruises message boards, trading groups, news feeds and opinion sites for any edge he can get. Do not bet the ranch on any of his comments but they are usually interesting and definitely food for thought.

From The Underground Trader:

    TECH STORY OF THE DAY. Shares of Adobe Systems (ADBE) are rocketing today, currently trading close to $33.00 after closing at $29.31 yesterday and trading for weeks in a narrow range of $27-29. Adobe shares were up 11% in the pre-market on the news that Apple (AAPL) would be lifting restrictions on tools developers can use for mobile applications. In a statement, the Apple said it is also publishing its App Store Review Guidelines in order to help developers better understand how the company reviews apps submitted for the online marketplace. This is rather dramatic news for ADBE and the volume so far today is over 25 million shares versus normal daily volume of 6 milllion. The Sept. and Oct. 33 strike calls are very active and overall option activity is 600% normal daily volume with over 34,000 contracts traded. ADBE has some strong resistance in the $33.40-34.00 area so I would be cautious chasing this news.

  Adobe Systems - Last 5 Years
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      Adobe Systems - Intraday
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      Adobe Systems - Last 12 Months
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    Disclosure - Mr. Moenning owns positions in securities mentioned: None

    Note: Observations by the Underground Trader should not be construed as trade recommendations, but rather are reports on marketplace activity and his view on the subject.

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