I spilled a lot of ink this week on the AccuShares Spot CBOE VIX Fund Up Shares (VXUP) and AccuShares Spot CBOE VIX Fund Down Shares (VXDN). Frankly, I was hoping to get better insight on them once I saw the "live" markets, but so far, no luck.

The early look shows only that the markets are kind of wide. I've seen $0.50 and even up to $0.75 bid to ask. Volume is kind of low, which would indicate that many are in the same "watch and wait" mode. I'm still hopeful they take off, but we'll have to wait on that. But hey, there's still our whole wild and pre-existing Volatility World out there to tell us something, right?

The CBOE Volatility Index (VIX) itself continues to hover in this 12-14 range, as it has for most of the last couple months. And it's still hard to argue there's anything noteworthy about that. Ten-day realized volatility has tamped down; it's now about 9. Given that 4-point implied over realized premium represents somewhat of an equilibrium, there's not much external pressure out there on options prices.

Well, maybe there's one source of external pressure: The long Memorial Day weekend is upon us, and it's not likely we get one of those Fear of Tuesday Gap moments in volatility. Rather, Fear of Paying 3 Days' Decay With No Enormous Prospect for Market-Moving News looks likely to win out, and we may see VIX temporarily dip further. But hey, don't tell VIX futures traders!

Nothing ever changes here. We're always six months away from a lasting VIX rally.

The iPath S&P 500 VIX Short-Term Futures ETN (VXX) hit new all-time lows again this week, which is hardly newsworthy. And if VXX is doing poorly, the souped-up, leveraged VXX derivatives aren't doing too well either. The ProShares Trust Ultra VIX Short Term Futures ETF (UVXY) had a huge rally yesterday … if you neglected to factor in that it split 1:4. This marks the fifth reverse split in the short and inglorious history of UVXY. And hey, there's a trading strategy associated with the split.

Historically, shorting $UVXY after each reverse split has been a trading strategy with 100% win ratio.

— NoanetTrader (@NoanetTrader) May 20, 2015

Of course, we can actually expand our study.

@NoanetTrader @jedimarkus77 lol....also shorting $UVXY on any day ending in "Y" has a 100% win ratio

— adam warner (@agwarner) May 20, 2015

I suppose that depends on your time frame … But yeah, UVXY remains horrible.

Perhaps the most interesting thing is that we're still tracking 2014 pretty well. If that holds up, we have a couple more months of a low-volatility grinding rally ahead of us, followed by a modest spike up in mid-July. I doubt we track exactly, but it's food for thought.

Disclaimer: Mr. Warner's opinions expressed above do not necessarily represent the views of Schaeffer's Investment Research.

Analysts are weighing in today on e-commerce issue Alibaba Group Holding Ltd (NYSE:BABA), cloud concern Salesforce.com, inc. (NYSE:CRM), and home furnishings specialist Williams-Sonoma, Inc. (NYSE:WSM). Here's a quick roundup of today's bullish brokerage notes on BABA, CRM, and WSM.

• Bernstein started coverage on BABA with an "outperform" rating and $120 price target -- matching the stock's all-time high -- sending the shares 1.1% higher in electronic trading. This is business as usual among analysts, who are extremely positive toward the stock. In fact, all 23 analysts tracking Alibaba Group Holding Ltd consider it a "buy" or better, and its average 12-month price target of $107.90 stands at a 19% premium to Wednesday's close at $90.70. The optimism is prevalent even as BABA has struggled on the charts. Since hitting the aforementioned record high of $120 last November, the shares have lost 24.4%, and to recover, will need to overcome a potential layer of resistance in the $90-$92 neighborhood -- where BABA landed after a late-January bear gap.


• CRM is taking off ahead of the bell, after the company raised its full-year revenue forecast and reported better-than-expected quarterly profits. The news has been met with a bevy of positive analyst attention for the consummate takeover candidate. No fewer than 13 brokerage firms have upped their assessments of Salesforce.com, inc., with Deutsche Bank setting the highest bar, at $90 -- a 28.3% premium to yesterday's close at $70.16. In addition, Argus upgraded CRM to "buy" from "hold." This is par for the course, as 25 analysts rate the equity a "buy" or better, compared to four "holds" and just one "sell." On the charts, it's been a good year for the shares, which have advanced 18.3% year-to-date atop support from their 40-day trendline. As alluded to, CRM is poised to gap higher out of the gate, up 4.1% in pre-market activity.


• WSM is pointed 3.7% higher ahead of the open, after an earnings beat was greeted with applause on the Street. Specifically, no fewer than five brokerage firms boosted their price targets, with UBS leading the pack with an upward revision to $84 from $78. Likely looking forward to Williams-Sonoma, Inc.'s potential upside gap are call buyers. During the past four weeks at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have bought to open more than two calls for every put. Technically speaking, 2015 has been a ho-hum year for WSM, which has added just under 3% to rest at $77.89.

Heading into a jam-packed session on the economic front, U.S. stocks are pointed lower. Among the equities in focus are electronics retailer Best Buy Co Inc (NYSE:BBY), biotech concern bluebird bio Inc (NASDAQ:BLUE)​, and healthcare services provider Omnicare, Inc. (NYSE:OCR).

• BBY is getting a lift this morning from impressive first-quarter numbers. Shares of the retailer are 8% higher in pre-market trading after closing yesterday at $33.78. While 2015 has been tough on Best Buy Co Inc, the stock is a longer-term success story, adding over 33% in the past 12 months. In recent months, though, options traders have grown pessimistic. The stock's 50-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 1.12 is only 8 percentage points from an annual bearish peak.


• BLUE is set to do even better out of the gate, as the stock is up 11.6% ahead of the open -- and on pace for a record high -- after the company announced a patient with sickle cell disease was treated successfully using its gene therapy. It's not like bluebird bio Inc needed to boost shareholder morale. The equity closed yesterday at $165.71, compared to a closing price of just $23.30 this time last year. This dominant technical performance is likely part of the reason all nine brokerage firms tracking BLUE say it's a "strong buy." Also, its consensus 12-month price target is $201.13 -- a 21.4% premium to current levels, and territory never before seen.


• OCR is sporting a 1.3% lead in electronic trading, due to news the company will be purchased by CVS Health Corp (NYSE:CVS) for nearly $13 billion. Omnicare, Inc. has been strong on the charts, outdoing the S&P 500 Index (SPX) by almost 20 percentage points over the past three months. In fact, the security touched an all-time high of $95.09 yesterday, before settling at $94.63. Put buying has been more popular than normal, nonetheless. OCR's 50-day ISE/CBOE/PHLX put/call volume ratio of 0.17 is higher than 82% of readings from the past year.

Analysts are weighing in on data storage specialist NetApp Inc. (NASDAQ:NTAP), industrial issue Rexnord Corp (NYSE:RXN), and alternative energy name JA Solar Holdings Co., Ltd. (ADR) (NASDAQ:JASO). Here's a quick roundup of today's bearish brokerage notes on NTAP, RXN, and JASO.

• NTAP is down 11.4% -- and hit a two-year low of $31.01 in early trading -- after the firm reported a fiscal fourth-quarter earnings miss, offered up a dreary current-quarter outlook, and announced a round of layoffs. Adding to the bearish backdrop is a round of downbeat analyst notes. J.P. Morgan Securities, for example, downgraded the stock to "underweight" from "neutral" and lowered its price target by $6 to $29, explaining the firm is not adopting its cloud protection system at a quick enough speed. Elsewhere, Cantor reduced its rating to "hold" from "buy" and slashed its price target by $8 to $35, saying NetApp Inc. appears "vulnerable to customer defections and market share losses in [a] very competitive storage market." Year-to-date, the shares have shed roughly 24% to linger near $31.30. In the options pits, put buyers were loading up their positions ahead of earnings, per NTAP's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 2.02, which ranks in the 88th annual percentile.

• RXN tagged an annual low of $24.09 out of the gate -- and was last seen 8.3% lower at $24.87 -- after its disappointing turn in the earnings confessional. What's more, Wedbush downgraded the security to "neutral" from "outperform" and cut its price target to $27 from $32, while Baird also lowered its price target to $27 (from $29). For most of the year, RXN has been bouncing between $24.50 and $27.50 -- the latter of which coincides with the stock's 320-day moving average -- and it appears short sellers have been anticipating more technical turbulence. Short interest jumped 12.3% in the most recent reporting period, and now accounts for 3.3 million shares. It would take more than a week to cover these shorted shares, at Rexnord Corp's average daily pace of trading.

• Roth Capital reduced JASO to "neutral" from "buy," bucking the bullish bias seen among the brokerage bunch. In fact, ahead of today's downgrade, each of the analysts covering the shares maintained a "buy" or better rating, and the average 12-month price target of $12.40 stands at a 38% premium to the stock's current perch at $8.96 -- and in territory not charted since March 2014. Technically speaking, the stock has fared better than sector peer Yingli Green Energy Hold. Co. Ltd. (ADR) (NYSE:YGE), up 8% year-to-date. Plus, despite taking a sharp dive yesterday following an unexpectedly steep sell-off in Chinese solar stock Hanergy Thin Film Power Group Ltd, JA Solar Holdings Co., Ltd. found a firm foothold atop its 160-day moving average.

QUALCOMM, Inc. (NASDAQ:QCOM) calls have been extremely popular in recent weeks at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). The telecom stock's 10-day call/put volume ratio across those exchanges is 4.94, with nearly five calls bought to open for every put. What's more, this ratio checks in just 3 percentage points from an annual high.

Calls are again flying off the shelves today, with 31,000 contracts on the tape -- four times what's expected at this point in the day. The biggest single trade centered on a block of now in-the-money 10,100 October 70 calls, which Trade-Alert suggests may be closing. Meanwhile, the weekly 5/22 70-strike call looks like it's seeing buy-to-open activity, as short-term bulls expect QCOM to extend its lead above $70 through tomorrow's close, when the series expires.

Currently, the shares are perched at $70.79, up 2.2% on news of an accelerated buyback agreement. However, QUALCOMM, Inc. (NASDAQ:QCOM) is sitting on a roughly 5% year-to-date deficit, and is facing overhead pressure at its descending 32-week moving average. Should the stock resume its longer-term downtrend, a capitulation among option bulls could result in headwinds.

Lumber Liquidators Holdings Inc (NYSE:LL) has plenty to discuss at today's annual shareholder meeting -- namely, the unexpected resignation of CEO Robert Lynch, as well as the plunging share price. Today, in fact, shares of LL are off 15% at $21.53 -- and earlier hit a three-year low of $20.92 -- earning the stock a place on the short-sale restricted list. In the options pits, overall volume has soared to five times the average intraday pace, with a number of traders rolling the dice on LL's end-of-week trajectory.

Drilling down, a handful of LL's most active options expire at tomorrow's close. While speculators appear to be closing their weekly 5/22 26-strike puts, new positions are being opened at the equity's weekly 5/22 19.50-, 20-, and 20.50-strike puts, as well as 22.50-strike calls.

By the looks of it, traders are buying to open the 19.50- and 20.50-strike puts, betting on LL to extend today's retreat through week's end. Meanwhile, eleventh-hour optimists appear to be initiating new long positions at the 22.50-strike calls, gambling on the equity to bounce back over the next two sessions. Elsewhere, non-traditionalists are possibly selling to open the 20-strike puts, taking a chance the round-number mark will serve as a short-term floor.

Action is being taken outside of the options pits, as well. Specifically, Raymond James cut its rating to "market perform" from "outperform." This isn't the first bearish brokerage note Lumber Liquidators Holdings Inc (NYSE:LL) has received this week, and it may not be the last. Two out of 12 analysts still maintain a "buy" or better rating on the equity, with not a single "sell" to be found. Plus, the average 12-month price target of $31.83 stands at a 48% premium to current trading levels.

Chinese Internet concern Youku Tudou Inc (ADR) (NYSE:YOKU) is crushing it today. The stock is among the top percentage gainers on the Big Board, after the firm reported a 47% jump in first-quarter revenue and scored a subsequent price-target boost to $26 from $20 from Brean Capital. What's more, the brokerage firm waxed optimistic on "the growth momentum of the company, as YOKU continues to transform its business model." On the flip side, however, option traders are rolling the dice on a short-term pullback.

YOKU options are flying off the shelves at five times the average intraday clip. Most popular is the June 27 put -- now near the money, with YOKU up 11.8% at $25.73, and just off an annual high of $27.40. Data from the International Securities Exchange (ISE) confirms that a healthy portion of the front-month puts are being bought to open at a volume-weighted average price (VWAP) of $2.09. 

The puts will be profitable for the buyers if YOKU retreats beneath $24.91 (strike minus VWAP) by the close on Friday, June 19, when the options expire. In light of YOKU's surge, delta on the put has diminished to negative 0.58 from negative 0.74 at yesterday's close, implying a roughly 2-in-5 shot of expiring in the money.

Today's preference for short-term puts is par for the course for YOKU, though. The equity's Schaeffer's put/call open interest ratio (SOIR) sits at an annual peak of 1.81, indicating that near-term speculators haven't been more put-biased during the past year. 

Echoing that, a few short sellers could be feeling the heat today. Short interest skyrocketed nearly 47% during the past two reporting periods, and now represents almost six sessions' worth of pent-up buying demand, at YOKU's average pace of trading. 

Technically speaking, today's jump has Youku Tudou Inc (NYSE:YOKU) sitting on a year-to-date gain of more than 44%. What's more, the security is on pace to end the month north of its 10- and 20-month moving averages for the first time since March 2014. An unwinding of skepticism in the options pits, or a short-covering situation, could propel YOKU even higher.

The shares of Amazon.com, Inc. (NASDAQ:AMZN) are up 2.9% at $436.21, after the firm expanded one-hour delivery services for Prime members in Manhattan. Adding fuel to the fire, Morgan Stanley lifted its price target on AMZN to $520 from $450 -- in uncharted territory -- and reiterated its "overweight" endorsement. In the same optimistic vein, AMZN option traders are rolling the dice on even more upside for the e-tail giant. 

AMZN calls are changing hands at twice the average midday clip, and have nearly doubled puts thus far. Options expiring at tomorrow's close account for nine of the 10 most active contracts, with buy-to-open action spotted at the weekly 5/22 430-strike call. 

By purchasing the calls at a volume-weighted average price (VWAP) of $4.20, the buyers' profit will increase the higher AMZN moves north of $434.20 (strike plus VWAP) by the end of this week. Delta on the call now sits at 0.83 -- roughly quadrupling from last night's 0.21, reflecting the growing odds of an in-the-money finish.

Thanks to today's rally, Amazon.com, Inc. (NASDAQ:AMZN) boasts a year-to-date gain of more than 40%.  However, the stock's upward momentum could run into a speed bump in the $440-$450 neighborhood -- home to the equity's late-April bull gap, and an area that stalled AMZN's rally attempt earlier this month. 

Analysts are weighing in today on semiconductor firm Analog Devices, Inc. (NASDAQ:ADI), as well as retailers Stage Stores Inc (NYSE:SSI) and Target Corporation (NYSE:TGT). Here's a quick roundup of today's brokerage notes on ADI, SSI, and TGT.

• ADI jumped to a 14-year high of $66.58 earlier -- and was last seen up 3.8% at $65.89 -- after the company's earnings beat prompted a rush of bullish analyst attention. Specifically, no fewer than 11 brokerage firms raised their price targets, with the loftiest expectations set by Pacific Crest -- which raised its target to $74 from $66. Over at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have been buying to open Analog Devices, Inc. puts over calls at a rapid-fire rate in recent months. The stock's 50-day put/call volume ratio of 1.55 ranks in the 88th percentile of its annual range.


• SSI is just below breakeven today, at $16.48, following a slimmer-than-expected first-quarter loss. The shares have also received mostly negative brokerage attention, with Nomura, SunTrust Robinson, and B. Riley cutting their price targets -- though the latter also upgraded the security to "buy" from "neutral." Longer term, Stage Stores Inc has been a technical laggard, dropping 29% since hitting an annual high of $23.26 in late March. This has captured the attention of short sellers. During the two most recent reporting periods, short interest on SSI swelled 27.4%, and now makes up 11.4% of its total float. At the stock's average daily trading volume, it would take nearly three weeks to buy back all these bearish bets.


• TGT is up 0.9% at $78.60, after Sterne Agee CRT lifted its price target by $2 to $73 on the retailer's first-quarter earnings beat and raised guidance. Long term, the shares are now up 37.4% year-over-year, and have been consolidating atop their supportive 120-day moving average for the past week. Despite this encouraging technical set-up, analysts remain skeptical. Twelve of 19 brokerage firms consider Target Corporation a "hold" or worse, and the stock's consensus 12-month price target of $79.82 is just a chip-shot away. In other words, the security could benefit from an additional round of positive analyst attention.

United Continental Holdings Inc (NYSE:UAL) is following its sector peers into the red today, following a dreary outlook from Southwest Airlines Co (NYSE:LUV). At last check, shares of UAL were down 6.6% at $56.74 -- and on pace to close south of their 200-day moving average for the first time since October. Option traders are seemingly unfazed, with calls changing hands at four times the average intraday pace, and outpacing puts by a 3-to-1 margin.

Receiving notable attention among the short-term crowd is UAL's weekly 5/29 60.50-strike call, where it seems safe to assume new positions are being purchased. In other words, speculators are betting the stock will fill in today's downside gap by next Friday's close, when the weekly series expires. Amid today's plunge, delta on the call has dropped to 0.15 from 0.55 at last night's close, indicating a decreased probability of an in-the-money finish.

Today's uptick in call activity just echoes the withstanding trend. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), UAL's 10-day call/put volume ratio of 3.13 sits in the 77th percentile of its annual range, meaning calls have been bought to open over puts at a faster-than-usual clip.

Even more telling is the equity's Schaeffer's put/call open interest ratio (SOIR) of 0.35, which ranks lower than 99% of similar readings taken in the past year. In other words, short-term speculators have been more call-heavy toward United Continental Holdings Inc (NYSE:UAL) just 1% of the time within the last 12 months.

Even though Micron Technology, Inc. (NASDAQ:MU) saw its price target reduced at Deutsche Bank to $32 from $34, the brokerage firm kept its "buy" rating, mirroring the general opinion on the Street. Seventeen of 21 brokerage firms maintain "buy" or better recommendations on the semiconductor issue. This bullish sentiment is also apparent based on MU's consensus 12-month price-target of $38.59 -- a 44% premium to the stock's current price of $26.78, and territory not charted since March 2002. With the shares 1.8% higher today, option traders are following this bullish pattern, as call volume is accelerated.

In fact, almost five times as many calls have crossed today compared to puts. It appears traders are buying to open the weekly 5/22 26.50-strike call, MU's most popular contract. By doing so, they're betting on the equity to extend its lead above $26.50 by the close this Friday, when the weekly series expires.

It hasn't been a good few months for the stock. Specifically, since Micron Technology, Inc. (NASDAQ:MU) hit a 12-year high of $36.59 on Dec. 8, it's dropped almost 27%. That's why it's interesting to note that MU's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio comes in at 4.06, and is only 12 percentage points from an annual high. If you consider this reading, plus the bullish stance analysts have taken, the shares could see headwinds from a reversal in sentiment, should they continue to struggle.

Sector headwinds are pressuring JetBlue Airways Corporation (NASDAQ:JBLU) lower this afternoon, with the shares last seen at $20.50. Meanwhile, a number of options traders are forecasting extended downside for the stock.

Looking at the data, JBLU puts are changing hands at four times the expected intraday rate. Buy-to-open activity is detected at the security's June 20 put, suggesting speculators think the stock will tumble below the round-number $20 level by June expiration.

The shares approached that level earlier today, but promptly bounced off their rising 40-day moving average. Historically speaking, this trendline has acted as support since last October. However, even if the contracts fail to breach the strike and expire worthless, the buyers can rest easy knowing they paid relatively inexpensive prices for their short-term bets, based on JBLU's Schaeffer's Volatility Index (SVI) of 31% -- which ranks lower than 93% of comparable readings from the past year.

Outside of the options pits, short selling has been popular, despite the stock's 131% year-over-year advance. In fact, nearly 13% of JetBlue Airways Corporation's (NASDAQ:JBLU) float is dedicated to short interest, representing nearly a week's worth of trading, at typical daily volumes. If the stock can resume its longer-term uptrend, a wave of short covering could act as a tailwind.