Schaeffer's Trading Floor Blog

Midday Market Stats: Dow Jones Industrial Average Slips as Bond Prices Rise

Yamana Gold Inc. (USA) hit a four-year low following a bearish brokerage note

by 5/28/2014 12:13 PM
Stocks quoted in this article:

The Dow Jones Industrial Average (INDEXDJX:.DJI) has spent the session in the red, but has pared a portion of its earlier losses, and was last seen down 15.5 points, or 0.1%, at 16,659.99. Similarly, the broader S&P 500 Index (SPX) tagged a record intraday high of 1,913.62 shortly after the open, reversed course momentarily to trade below the flat line, but was most recently seen up 1.06 point, or 0.06%, at 1,912.97. This jittery backdrop comes on a day with no economic reports to drive the market, leaving investors to react to a surge in bond prices -- which earlier sent the 10-year Treasury yield tumbling to the 2.44% level (the lowest since last summer). Looking ahead, traders will be anxiously awaiting tomorrow's preliminary reading on first-quarter gross domestic product, following a worse-than-forecast advance reading in late April.

Here are a few noteworthy stats at midday:

  1. The advance/decline ratio on the Nasdaq stands at 0.61, with the number of declining stocks comfortably outpacing the number of advancers.

  2. The equity put/call volume ratio across all 12 options exchanges comes in at 0.96. Roughly 3.18 million calls and 3.05 million puts have crossed the tape so far.

  3. Among the names seeing heavy call activity today is Yamana Gold Inc. (USA) (NYSE:AUY), although the stock is 1.9% lower at $7.11, after earlier tagging a five-year low of $7.05. Today's negative price action comes in the wake of a price-target cut at Cowen and Company this morning. In spite of this, today's total options volume is running at 2.89 times the intraday average, and 92.2% of the action has occurred on the call side.

  4. The CBOE Volatility Index (VIX) is up 0.3% this afternoon at 11.54. However, the market's "fear gauge" is comfortably on pace to notch a third consecutive sub-12 close.

  5. The iPath S&P 500 VIX Short-Term Futures ETN (NYSEARCA:VXX) is up 0.0.1% at $33.85, after earlier falling to a fresh all-time nadir of $33.73. Meanwhile, the ETN's put/call volume ratio stands at 1.07, with put volume having the slight edge over call volume.

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

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