Schaeffer's Trading Floor Blog

Midday Market Stats: Dow Jones Industrial Average Reverses Course with M&A, Fed in Focus

Call players continue to pile into TiVo Inc.'s options pits

by 5/19/2014 12:11 PM
Stocks quoted in this article:

After slipping into the red right at the open, the Dow Jones Industrial Average (DJI) reversed course around 10:30 a.m. ET, and was last seen 23.32 points, or 0.1%, higher at 16,514.63. With little in the way of economic and earnings reports on the day's docket, traders have turned their attention to a number of merger-and-acquisition updates hitting the Street today -- including those from AT&T Inc. (NYSE:T), Pfizer Inc. (NYSE:PFE), and General Electric Company (NYSE:GE). Meanwhile, Dallas Fed President Richard Fisher and San Francisco Fed President John Williams will take the podium in Dallas, Texas, this afternoon to discuss the role of the Federal Reserve.

Here are a few noteworthy stats at midday:

  1. The advance/decline ratio on the New York Stock Exchange (NYSE) stands at 2.19. Advancing stocks are currently outpacing declining names by a margin of more than 2-to-1.

  2. The equity put/call volume ratio across all 12 options exchanges currently checks in at 0.69, with call volume besting put volume. So far today, 3.65 million calls have changed hands, compared to 2.52 million puts.

  3. Among the names seeing heavy call activity is TiVo Inc. (NASDAQ:TIVO), which is up 1.1% at $11.97 on no apparent news. At last check, all but 1% of the day's option activity has occurred on the call side. However, this is just par for the course, considering TIVO's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio of 185.19 ranks in the 99th percentile of its annual range, signaling a distinct bullish bias in the equity's options pits.

  4. The CBOE Volatility Index (VIX) is trading near its lows of the day, off 1.1% at last check to churn near 12.31. The market's "fear gauge" has closed south of 13 in six of the past seven sessions.

  5. Today's put/call volume ratio on the iPath S&P 500 VIX Short-Term Futures ETN (NYSEARCA:VXX) stands at 0.69, with call volume having the edge over put volume. After tagging a new all-time low of $36.10 earlier, the ETN is currently off 1.2% at $36.13.

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

Unusual Option Volume at Midday


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