Schaeffer's Trading Floor Blog

Midday Market Stats: Dow Jones Industrial Average Bounces Back After Yellen-Related Drop

Call players swarm Activision Blizzard, Inc.'s options pits, in wake of last night's earnings win

by 5/7/2014 12:00 PM
Stocks quoted in this article:

The Dow Jones Industrial Average (INDEXDJX:.DJI) took an early morning plunge below breakeven, amid Federal Reserve Chair Janet Yellen's congressional testimony on the state of the U.S. economy. Also this morning, Wall Street digested preliminary first-quarter data on U.S. nonfarm productivity, which fell at its fastest rate in a year -- missing analysts' estimates, and ultimately causing the biggest rise in unit labor costs since the fourth quarter of 2012. At last check, the DJI had rebounded from its morning dive, and was floating 100.67 points, or 0.61%, higher, at 16,501.69.

Here are a few noteworthy stats at midday:

  1. The advance/decline ratio on the New York Stock Exchange (NYSE) stands at 1.53. The number of advancing stocks has the slight advantage over declining ones.

  2. The equity put/call volume ratio across all 12 options exchanges stands at 0.93. Roughly 4.45 million calls, compared to about 4.18 million puts, have crossed the tape so far.

  3. Among the names with call-heavy trading activity today is Activision Blizzard, Inc. (NASDAQ:ATVI). ). Overall options volume is trading at 13 times the intraday average, and more than 77% of these contracts have changed hands on the call side. Meanwhile, on the charts, ATVI has bounced 6.8% to perch at $20.68, following last night's stronger-than-expected first-quarter earnings announcement, and subsequent round of bullish brokerage notes. Specifically, the equity received no fewer than five price-target hikes ahead of the opening bell.

  4. After tagging a month-to-date intraday high of $14.49, the CBOE Volatility Index (VIX) was last seen sitting 1.3% above breakeven at 13.62.

  5. The iPath S&P 500 VIX Short-Term Futures ETN (NYSEARCA:VXX) is poised to close its third consecutive session below $40, currently down 1.48% to $39.21, after earlier falling to a fresh record low of $39.12. Meanwhile, the ETN's put/call volume ratio stands at 0.40, with call volume easily outpacing put volume.

View a real-time chart of the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI).

Unusual Option Volume

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