A daily feature available on SchaeffersResearch.com is "Options Update." Every day, we'll give a brief market overview and focus on one stock that is the center of some heavy option trading. The focus of today's feature is Apple Computer.
Second-quarter productivity of the U.S. non-farm business sector rose at a 1.1 percent annual rate. Unit labor costs, a key gauge of inflationary pressures, rose 4.2 percent annualized, marking the largest increase since the fourth quarter of 2004. Both measures were above expectations. Economists had forecast a 0.9-percent in productivity for the second quarter. They forecast unit labor costs to rise 3.5 percent. In the first quarter, productivity was revised to a 4.3-percent increase from 3.7 percent previously. First-quarter unit labor costs rose 2.5 percent rather than the 1.6-percent increase originally reported. On a year-on-year basis, productivity is up 2.4 percent. Unit labor costs were up 3.2 percent on a year-on-year basis, the fastest pace since the fourth quarter of 2000.
Most-Active Options Update
At 1:20 p.m. Eastern Time, the Dow Jones Industrial Average (DJIA – 11,239.3) has added 0.18 percent. The S&P 500 Index (SPX – 1,278.15) has gained 0.19 percent, and the Nasdaq Composite (COMP – 2,076.8) has advanced 0.21 percent. At 1:20 p.m. Eastern Time, 2,288,757 calls have changed hands compared to 1,414,744 puts, equaling a single-day put/call volume ratio of 0.61. The CBOE's equity put/call volume ratio stands at 0.71, while the ISE's ratio comes in at 0.71.
As always, Steve Jobs' presentation yesterday at Apple Computer's
Worldwide Developers Conference was masterful. The Phineas Taylor Barnum of Silicon Valley announced, amongst many other things, that the company's migration to Intel
The Case for Big Moves in IWM and QQQ
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