SMH – Semiconductor HOLDRs – Shares of the Semiconductor HOLDRS Trust, which issues depository receipts called Semiconductor HOLDRS that represent an undivided beneficial ownership in the U.S.-traded common stock of companies that develop, manufacture, and market semiconductors, fell 0.45% to touch down at an intraday low of $28.01 in morning trading. However, as the trading day progressed, shares of the fund clawed their way back up to rally 0.50% to $28.59 as of 11:35 am (ET). Bullish options strategists dominated trading activity observed on the fund thus far today. Investors expecting to see continued upward momentum in shares of the SMH purchased 1,200 calls at the July $29 strike for an average premium of $0.62 apiece. Call buyers at this strike price make money if the fund’s share price increases 3.60% to trade above the average breakeven point of $29.62. Meanwhile, other optimistic individuals picked up 1,300 calls at the higher July $30 strike for an average premium of $0.29 per contract. These higher-strike call coveters accumulate profits as long as shares of the Semiconductors HOLDRS Trust surge 5.95% over the current price of $28.59 to breach the effective breakeven point at $30.29 ahead of July expiration day.