RIM Call Volume Rising; Falling Knife?

When last we left the Waterloo, Ontario-based maker of BlackBerries, Research in Motion’s (RIM) shares were falling like a rock. Or, perhaps, like a kitchen knife. The stock is down $1.63 today, or 2.4%, at $67.28, after falling as low as $66.67, and down 19% since offering a lackluster outlook on Thursday night.

Options columnist Nick Perry at Shaeffer’s Investment Research notes RIMM call volume is double put volume and remarks that “Here we see that the drop was met with some call buying. The stock is hitting oversold levels and nearing short-term support but I am usually not one to try to catch a falling knife.”

Buyer — or potential buyer — beware, I guess.