Schaeffer's Trading Floor Blog

Midday Market Stats: Strong Economic Data Sparks Dow Jones Industrial Average Rally

Jos. A. Bank Clothiers Inc, E-Commerce China Dangdang Inc helped by fundamental news

by 2/28/2014 12:00 PM
Stocks quoted in this article:

The Dow Jones Industrial Average (INDEXDJX:.DJI) is 114.2 points, or 0.7%, higher at 16,386.80, following a round of upbeat economic reports. Specifically, the final Thomson Reuters/University of Michigan consumer sentiment survey and the Chicago purchasing managers index (PMI) -- both for February -- finished higher than expected. Meanwhile, the preliminary fourth-quarter gross domestic product (GDP) reading was lower than the advance reading, but still in line with economists' expectations. On the flip side, pending home sales for January arrived below estimates. Amid the news, the S&P 500 Index (SPX) hit an intraday record high of 1,866.20.

Here are a few noteworthy stats at midday:

  1. The equity put/call volume ratio across all 12 options exchanges checks in at 0.69, with calls outstripping puts. At last check, 4.19 million calls were on the tape, versus 2.92 million puts.

  2. Among the equities with notable call volume is Jos. A. Bank Clothiers Inc (NASDAQ:JOSB), which has seen roughly two-thirds of its options volume trade on the call side. At last check, the stock was up 2.2% to trade at $61.65, on last night's news that JOSB had rejected The Men's Wearhouse, Inc.'s (NYSE:MW) latest buyout offer, but had also agreed to further negotiations.

  3. The New York Stock Exchange (NYSE) shows an advance/decline ratio of 2.16, with gaining issues more than doubling decliners.

  4. One of the NYSE's big winners today is E-Commerce China Dangdang Inc (ADR) (NYSE:DANG), which has jumped over 11% to $14.61, after Oppenheimer raised its price target on the stock to $15 from $11. Earlier, DANG hit a two-year peak of $14.95. Yesterday morning, the Chinese e-commerce firm reported stronger-than-expected fourth-quarter earnings.

  5. In the latest American Association of Individual Investors (AAII) survey, the percentage of bulls dropped back below 40%, finishing 2.5 percentage points lower at 39.7%. The percentage of bears also dipped -- to 21.1% from 22.8% -- while the percentage of those with a neutral outlook rose to 39.2% from 35.0%.

  6. The CBOE Volatility Index (VIX) has shed 0.4 point, or 2.9%, to 13.64, pressured lower by its descending 10-day moving average.

  7. The put/call volume ratio on the iPath S&P 500 VIX Short-Term Futures ETN (NYSEARCA:VXX) -- down 1.1% at $42.61 -- registers at 1.11, with put volume edging out call volume.

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

Unusual Option Volume at Midday

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