JANUARY Hang Seng Index futures crashed through 10,100 as bulls got the better of trading on the first full day of activity without the December contract dragging sentiment. The contract opened strongly at 10,080, pushed to a high of 10,155 and made a close of 10,140, up 52 points on the day and a premium over the cash of 67 points. Yesterday's close represented a lifetime high for the contract. Since beginning trading at the end of November the contract has gained 220 points or 2.2 per cent. The contract has traded above 10,000 for four days. Its lifetime average level, according to Bloomberg, is 9,980. Volume was light, however, with 7,700 contracts in January trades and two contracts in February. February futures, on their first day of trading, were marked to a 20-point premium over January futures to close at 10,160. In index options implied volatility was flat at about 16.5 per cent. Jardine Fleming said: 'The options market saw active trading on January out-of-the-money puts in spite of a quiet futures market.' There were 3,984 lots traded. 'More than 2,700 contracts were traded on the January 9,000 puts which accounted for more than 60 per cent of the total volume,' said the brokerage. The 10,800 strike in all contract months will be opened on Tuesday. Heavy activity in the options reflected cautious position-taking on the part of some investors should a big rally not emerge in the cash and futures during the month of January. Open interest for Thursday in January futures was 31,748 contracts. In February futures there was no mark. In March futures there were 301 contracts and in June futures there were 1,662 contracts. According to trading activity in January futures in the past three weeks the month of January is expected to be a strong one for the cash market, with 10,300 to 10,500 being in sight. February is also expected to be a strong month. An indication that the traditional Lunar New Year rally is still in the minds of investors was the strong pick-up in open interest in February early in the month.