Don't Sweat This Blue-Chip Stock's Dip

Visa stock is up 11.5% since the start of the year

Deputy Editor
Oct 30, 2023 at 12:37 PM
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Blue chip bank stock Visa Inc (NYSE:V) has shed 2.5% over the last three months, though the $228 level stepped multiple times to thwart further losses -- most recently keeping Friday's 0.8% drop in check. At last glance, V was up 1% to trade at $231.52, with a historically bullish signal flashing that could help it add to an 11.5% year-to-date lead.

Per data from Schaeffer's Senior Quantitative Analyst Rocky White, V is trading within one standard deviation of its 260-day moving average. After the last four times Visa stock pulled back to this moving average after a lengthy stretch above it, the equity gained an average of 6.9% over the next month. 

V Chart October 302023

The mood is bearish in the options pits, and a shift in sentiment could help Visa stock move higher. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), V's 50-day put/call volume ratio of 1.31 ranks higher than 99% of annual readings. This means puts have been bought to open over calls at a healthier-than-usual pace in the last 10 weeks.

The stock's 10-day put/call volume ratio of 1.35 at the ISE, CBOE, and PHLX is also high, sitting in the 91st percentile of readings form the past 12 months. What's more, V's Schaeffer's put/call open interest ratio (SOIR) of 1.00 sits in the elevated 85th percentile of annual readings. 

 

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