Schaeffer's Trading Floor Blog

Midday Market Stats: Dow Jones Industrial Average Falls South of Breakeven

GME touched a new high on bullish brokerage attention

by 6/28/2013 11:58 AM
Stocks quoted in this article:

The Dow Jones Industrial Average (INDEXDJX:.DJI) is off 20 points, or 0.1%, to 15,004.79, as traders digest more comments from Federal Reserve officials. Among the blue-chip barometer's notable laggards is International Business Machines Corp. (NYSE:IBM), which is swooning in sympathy with sector peer Accenture Plc's (NYSE:ACN) earnings-induced drop. Meanwhile, the Chicago purchasing managers' index (PMI) declined to a seasonally adjusted 51.6 this month. This latest figure fell short of economists' projections, and reflected the largest drop in almost four years. On a more upbeat note, the final June reading of the Thomson Reuters/University of Michigan consumer sentiment index arrived at 84.1 -- just shy of a near six-year high, and besting consensus estimates.

Here are a few noteworthy stats at midday:

  1. The equity put/call volume ratio across all 11 options exchanges checks in at 0.98, with 3.44 million puts changing hands so far today, versus 3.38 million calls.

  2. Among the equities with call-heavy activity is JetBlue Airways Corporation (NASDAQ:JBLU), which has surged about 3.5% since the opening bell. This positive price action comes after the company's founder, David Neeleman, refuted rumors that he plans to purchase the airline. Currently, calls represent 89.1% of the security's intraday option volume. At last check, JBLU was trading at $6.29.

  3. The New York Stock Exchange (NYSE) shows an advance/decline ratio of 1.14, with the number of upward movers outweighing the decliners.

  4. Among the NYSE's major advancers is GameStop Corp. (NYSE:GME), which has added about 3% -- and tagged a new multi-year peak of $42.84 -- in intraday action, after BofA-Merrill Lynch started coverage of the stock with a "buy" rating this morning. GME is presently trading at $42.12.

  5. Optimism declined during the week ended June 26, according to the latest survey by the American Association of Individual Investors (AAII). The percentage of investors with a bullish view on stocks fell to 30.3% from 37.4%, while the percentage bearish rose to 35.2% from 30.0%. Meanwhile, the percentage neutral climbed to 34.5% from 32.6%.

  6. The CBOE Volatility Index (VIX) is 0.5 point, or 3.1%, lower, to hover at 16.34.

  7. The put/call volume ratio on the iPath S&P 500 VIX Short-Term Futures ETN (NYSEARCA:VXX) -- which is currently perched at 20.44 -- rests at 0.66, with calls outnumbering puts.

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

Unusual Option Volume at Midday

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