The Dow finished lower today, as crude oil hit a six-year low, despite a valiant effort to recover after a premature release from the Fed. Across all 12 options exchanges, 7.7 million calls crossed, compared to 8.6 million puts. The day's put/call volume ratio closed at 1.11.
Pre-earnings traders circled Hewlett-Packard Company (NYSE:HPQ), as the tech stock hit new lows. Calls traded at five times the average daily pace, thanks to a massive four-legged spread in the November series. Exxon Mobil Corporation (NYSE:XOM) also hit new lows, due to crude oil's slump. XOM puts traded at six times the normal clip, with one trader apparently liquidating a winning front-month play to buy October 85 puts.
Continuing that trend, Rayonier Advanced Materials Inc (NYSE:RYAM) sank 44.1% to end at $7.62 -- and hit a record low -- after the firm threw the gauntlet at Eastman Chemical Company (NYSE:EMN). RYAM puts traded at 86 times the norm, with last-minute bears buying to open August 7.50 puts. Qihoo 360 Technology Co Ltd (NYSE:QIHU) fell in line with Chinese stocks, sending puts across the tape at three times the average rate.
