Open interest in the options of one of the majors I follow, Yamana, continues to expand in the face of the overall decline over the past several days. Maybe today will be different. Not sure if this is true with any of the others.

The July 10 calls of Yamana, for example, caught my attention some time ago when the open interest was about 5 times any other strike. Quite unusual. A few days ago, open interest in the 10s was roughly 27,000. It has crept up every day since and now rests at 31,200 in spite of the stock getting clobbered heavily again. Open interest in the 8s 9s and 11s also has been increasing slightly.

Maybe a lot of spreading is going on. Don't know. Can't tell. Nevertheless, there may be a lesson there that, so far, escapes me.