Note: The Daily Option Update is provided by Options Specialist Paul Foster of theflyonthewall.com.

Volatility Index S&P 500 Options-VIX down .35 to 11.10.

AtheroGenics Inc. (NASDAQ:AGIX) derivatives high risk, option volume up traders prepare for data. AtheroGenics focuses on the discovery, development and commercialization of novel drugs for the treatment of chronic inflammatory diseases. AtheroGenics is expected to announce results for top line data from the ARISE Phase 3 trial on AGI-1067 (coronary heart disease treatment.) AGIX said on 1/8/07 the data "will likely be available no sooner than late first quarter." AtheroGenics call option volume of 27,881 contracts compares to put volume of 14,119 contracts. AtheroGenics April 12.5 straddle is at $11 dollars, according to Track Data, suggesting large risks.

Option volume leaders today were: Motorola Inc. (NYSE:MOT), Apple, Inc.(NASDAQ:AAPL), CountryWide Financial Corp. (NYSE:CFC), Caterpillar Inc. (NYSE:CAT) and U.S. Steel Corp. (NYSE:X).

Daily option update - January 30, 2007 originally appeared on BloggingStocks on Tue, 30 Jan 2007 16:10:00 EST. Please see our terms for use of feeds.