Schaeffer's Trading Floor Blog

Midday Market Stats: Economic Data Pushes Dow Jones Industrial Average Slightly Lower

Golar LNG Limited (USA) is in the red, but calls remain the options of choice

by 5/30/2014 12:20 PM
Stocks quoted in this article:

The Dow Jones Industrial Average (INDEXDJX:.DJI) is off by 21.9 points at 16,676.81, amid mostly disappointing economic data. Consumer spending unexpectedly slipped in April, while personal income rose less than anticipated; the Thomson Reuters/University of Michigan final consumer sentiment report for May also settled below expectations. However, the Chicago purchasing managers index (PMI) bested economists' consensus estimate -- and rose to its highest level since October. Separately, the S&P 500 Index (SPX) notched yet another record intraday high of 1,921.48, but was last seen trading around breakeven, at 1,921.23.

Here are a few noteworthy stats at midday:

  1. The advance/decline ratio on the Nasdaq registers at 0.69, with declining equities outpacing advancers.

  2. The equity put/call volume ratio across all 12 options exchanges checks in at 0.80, with calls outstripping puts. Currently, 3.64 million calls have changed hands, compared to 2.94 million puts.

  3. Among the equities with notable call volume is Golar LNG Limited (USA) (NASDAQ:GLNG), which is down 0.5% to $46.53 at midday. GLNG's total options volume nearly triples the average intraday clip, and 73.5% of today's activity has transpired on the call side of the aisle.

  4. In the latest American Association of Individual Investors (AAII) poll, the percentage of bulls jumped to 36.5% from 30.4% the week prior. The percentage of neutral investors dipped to 40.3% from 43.2%, while the percentage of bears retreated to 23.2% from 26.4%.

  5. The CBOE Volatility Index (VIX) is down 0.1 point, or 0.9%, at 11.47, putting it on track for its fifth consecutive daily close below the 12 level.

  6. The put/call volume ratio on the iPath S&P 500 VIX Short-Term Futures ETN (NYSEARCA:VXX) -- currently churning around breakeven at $33.65 -- is 0.88, with calls edging out puts.

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

Unusual Option Volume at Midday

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