Option Block 96: Resetting the VIX Bar
Option Block 96: Resetting the VIX Bar\n
Trading Block: VIX finally gets to the mid-30s! The bar for has been raised. Apple without Jobs - down 0.5%. What effect could Jobs have on Apple stock post-mortem, or is this a turning point for Apple?
Odd Block:
Mortgage insurer MBIA Inc. (MBI): Shares are trading 3% higher this morning and early option activity suggests some investors believe the recent upturn in the company\u2019s shares will continue over the next couple weeks. The bullish October 9 calls have seen nearly 5,000 contracts trade already this morning and, with 80% of the activity either mid-market or on the offers, it looks like buyers looking for the stock to rally another 16% over the next 11 trading days.
Children\u2019s Place Retail Stores, Inc. (PLCE): The specialty retailer of children\u2019s clothing saw greater-than-normal activity in its options this morning. It looks like one call seller populating the November contract expects the stock to resist below a specified ceiling through expiration day in six weeks. A block of 2,000 calls changed hands at the Nov. $55 strike against paltry previously existing open interest of just 20 contracts. The call options appear to have been sold by one options player for a premium of $0.85 per contract. \n
Xpress Block: Tim Navabi grabs the reins and discusses what was trading today at OX, as well as a rundown of some of the commodity movers. CBOE also recently unveiled SPXpm -- has it been successful?
Around The Block: Nonfarms: October 7 Gold and Silver are both consolidating, something to definitely check out. Apple earnings: October 18. Google earnings: October 13