Schaeffer's Trading Floor Blog

Midday Market Stats: Dow Jones Industrial Average Takes Back 12,800

SKX rallies on bullish brokerage note

by 11/21/2012 12:01 PM
Stocks quoted in this article:

In a relatively light trading session ahead of Thursday's Thanksgiving holiday, the Dow Jones Industrial Average (DJI - 12,816.85) is up 28 points, or 0.2%, as Wall Street digests the latest round of economic reports. Weekly jobless claims fell by 41,000 to a seasonally adjusted 410,000 last week, in line with economists' estimates. Also, the Conference Board reported its leading economic index climbed 0.2% in October (matching estimates), versus September's increase of 0.5%. Meanwhile, the final reading of the Thomson Reuters/University of Michigan consumer sentiment index for November arrived at 82.7 -- lower than the initial estimate of 84.9, as well as economists' forecast for a final reading of 83.5. Elsewhere, the CBOE Market Volatility Index (VIX - 14.99) is 0.1 point, or 0.6%, lower.

Here are a few noteworthy stats at midday:

  1. The equity put/call volume ratio across all 10 options exchanges checks in at 0.83, with 2.5 million calls changing hands so far today, compared to 2.1 million puts.

  2. Among the equities with call-slanted activity is Celsion Corporation (NASDAQ:CLSN - 6.40), which has gained around 5% today -- and claimed a new multi-year high of $6.46 -- despite a lack of notable news drivers. Currently, calls make up 87.7% of the security's intraday option volume.

  3. The put/call volume ratio on the iPath S&P 500 VIX Short-Term Futures ETN (NYSEARCA:VXX - 31.04) -- which touched a new all-time low of $30.50 earlier in the session -- sits at 0.89, with calls outnumbering puts.

  4. The New York Stock Exchange (NYSE) shows an advance/decline ratio of 1.30, with the number of upward movers comfortably outpacing the decliners.

  5. Among the NYSE's major advancers is Skechers USA Inc (NYSE:SKX - 18.97), which has jumped about 12% in intraday trading, thanks to some positive analyst attention at Susquehanna this morning. Specifically, the brokerage firm upgraded the stock to "positive" from "neutral" and boosted its price target to $22 from $19.

  6. Bullish sentiment fell last week, according to the latest Investors Intelligence survey. The percentage of financial advisors with a bullish view on stocks dropped to 37.2% from 38.3%, while the percentage bearish also declined to 27.7% from 28.7%. Meanwhile, the percentage of advisors expecting a market correction rose to 35.1% from 33.0%.
Unusual Option Volume at Midday

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