Schaeffer's Trading Floor Blog

Midday Market Stats: Dow Jones Industrial Average Rallies, S&P Hits Record High

Option players and analysts are waxing optimistic on Bonanza Creek Energy Inc

by 5/27/2014 11:58 AM
Stocks quoted in this article:

The Dow Jones Industrial Average (INDEXDJX:.DJI) is on pace for its fourth straight gain, up 63 points, or 0.4%, at 16,669.56. Meanwhile, the S&P 500 Index (SPX) has followed suit, up more than 0.5% after notching an all-time high of 1,911.61. Bolstering equities has been a batch of upbeat economic data, including the S&P/Case-Shiller housing index, which showed that only one city in 20 -- New York -- saw single-family home prices drop in March. Elsewhere, U.S. durable goods orders unexpectedly rose in April, thanks to a 39% jump in defense orders, and the Conference Board's consumer confidence index increased to 83 in May, in line with expectations.

Here are a few noteworthy stats at midday:

  1. The advance/decline ratio on the Nasdaq stands at 4.42, with advancing stocks more than quadrupling the declining issues.

  2. The equity put/call volume ratio across all 12 options exchanges is currently perched at 0.74, with calls outpacing puts. So far today, 3.8 million calls have changed hands, compared to 2.8 million puts.

  3. One name seeing heavy call trading today is commodity concern Bonanza Creek Energy Inc (NYSE:BCEI), which is up 0.6% to $53.32. The stock has advanced almost 10% so far in May, thanks to its planned purchase in the Wattenberg gas field, and analysts continue to wax optimistic. Just this morning, no fewer than four brokerage firms issued price-target hikes on BCEI, and more than 97% of the stock's intraday option volume has transpired on the call side, at last check.

  4. The CBOE Volatility Index (VIX) is 0.3% higher at 11.66, but remains south of the closely watched 12 level. So far this month, the "fear gauge" has surrendered 13.1%.

  5. Today's put/call volume ratio on the iPath S&P 500 VIX Short-Term Futures ETN (NYSEARCA:VXX) stands at 1.36, with put volume exceeding call volume so far. The ETN has surrendered 2.2% to $34.18, and touched another record low of $34.05 earlier today.

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

Unusual Option Volume at Midday

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