Schaeffer's Trading Floor Blog

Midday Market Stats: Dow Jones Industrial Average Edges Higher Ahead of Fed

DHI and NAV follow the broader market into the black

by 12/12/2012 11:52 AM
Stocks quoted in this article:

The Dow Jones Industrial Average (DJI - 13,264.70) is up 16 points, or 0.1%, as Wall Street awaits the latest policy update from the Federal Open Market Committee (FOMC). Meanwhile, Fed Chairman Ben Bernanke will be holding a press conference later this afternoon at 2:15 p.m. EST. Also of note, the Labor Department revealed that import prices fell by 0.9% in November, marking the first decline in four months. Economists, on average, had expected a drop of just 0.5%. Elsewhere, the CBOE Market Volatility Index (VIX - 15.97) is 0.4 point, or 2.6%, higher.

Here are a few noteworthy stats at midday:

  1. The equity put/call volume ratio across all 10 options exchanges sits at 0.74, with 2.8 million calls crossing the tape so far today, versus 2.1 million puts.

  2. Among the equities with call-heavy activity is D.R. Horton, Inc. (NYSE:DHI - 19.27), which has gained nearly 4% today. Currently, calls represent 97.2% of the homebuilder's intraday option volume.

  3. The put/call volume ratio on the iPath S&P 500 VIX Short-Term Futures ETN (NYSEARCA:VXX - 29.19) -- which tagged a new record low of $28.73 earlier in the session -- stands at 0.43, with calls more than doubling puts.

  4. The New York Stock Exchange (NYSE) shows an advance/decline ratio of 1.50, with the number of upward movers comfortably outpacing the decliners.

  5. Among the NYSE's major advancers is Navistar International Corp (NYSE:NAV - 22.49), which has tacked on about 4.6% in intraday trading. The company announced this morning the appointment of Samuel J. Merksamer -- managing director at Icahn Capital LP -- to its board of directors. He will replace retiring board member Diane Gulyas.

  6. Bullish sentiment climbed higher last week, according to the latest Investors Intelligence survey. The percentage of financial advisors with a bullish view on stocks rose to 45.7% from 43.6%, while the percentage bearish fell to 23.4% from 25.5%. Meanwhile, the percentage of advisors expecting a market correction remained flat at 30.9%.
Unusual Option Volume at Midday


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