Friday Options Recap

Fri, 06/11/2010 - 15:28 EDT - Seeking Alpha

Frederic Ruffy submits: SentimentStocks are trading mixed in very slow market action Friday. The table was set for early weakness after the Dow Jones Industrial Average rallied 274 points Thursday and after data showed retail sales unexpectedly falling 1.2 percent in May. What! Economists were looking for an increase of .1 percent. However, a better than expected reading from the UofM Sentiment Index (75.5 vs. 74.5 consensus) helped to offset some of the worry from the poor sales numbers and trading had turned mixed by midday. It’s been slow. With less than an hour left to trade, the Dow is down 25 points and the NASDAQ up 8. The CBOE Volatility Index (.VIX) lost .93 to 29.64. In the options market, about 3.8 million calls and 3.9 million puts traded so far, or only 60 percent the recent average daily volume.Bullish FlowAfter trading to a low of $56.90 in morning action, Concho Resources (CXO) shares are up 39 cents to $58.49 and options volume is running 4X the recent average daily. The action includes 2127 Jul 65 calls and 2033 Dec 70 calls. Most of the action has been in smaller sizes on the ISE. The top trades are 200 lots trading at the ask in afternoon action. ISEE data hints at a non-customer firm buyer (however, it’s possibly premium selling and implied volatility is down about 5.5 percent to 51). Shares of the Midland, Texas onshore driller have been strong lately due to the recent problems in the offshore drilling industry. CXO is up nearly 25 percent from its late May lows and now testing a resistance area just above $59.Complete Story »

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Thursday Options Recap
Frederic Ruffy submits: SentimentMajor averages slipped on disappointing economic news and are trading lower late Thursday. Data released before the bell showed weekly jobless claims increasing by 13,000 in the period ended October 9. Economists were expecting an increase of just 1,000. Two separate reports showed the PPI up a hotter-than-expected .4 percent (vs. .2 percent consensus) and the trade deficit widening to $46.5 billion (vs. $44.5 billion consensus).
Friday Options Recap
Frederic Ruffy submits: SentimentStocks are trading mixed following a busy day of economic news Friday. Data released early showed a surprise jump in retail sales, which increased by .6 percent in September, according to the Commerce Department. Economists were looking for an increase of .4 percent. Separate data showed the NY Empire State Index moving up to 15.73 in October, and also better than the 5.75 reading economists had expected.
Friday Options Recap
Frederic Ruffy submits: SentimentThe major averages are modestly higher on a relatively slow day of trading Friday. The table was set for early losses on Wall Street after the latest Gross Domestic Product report showed the US economy growing at a 2.7 percent annual rate in the first quarter, which was less than the 3 percent that economists had forecast.
Thursday Options Recap
Frederic Ruffy submits: SentimentMajor averages slipped on disappointing earnings data early and are lower Thursday afternoon ahead of earnings from Intel (INTC) and JP Morgan (JPM).
Friday Options Recap
Frederic Ruffy submits: SentimentMajor averages are modestly higher with help from positive economic numbers Friday. After Asia’s markets rallied around better-than-expected Chinese manufacturing numbers Friday, the focus in the US turned to a report on personal incomes and spending early Friday. It showed increases of .5 percent incomes and .4 percent in spending for August. Economists were looking for .3 percent increases in both.
Friday Options Recap
Frederic Ruffy submits: SentimentStocks overcame a disappointing GDP report and early weakness to trade mixed late Friday. Volatility picked up a bit early in the trading session after data showed second quarter GDP at a 2.4 percent annual rate. Economists were expecting 2.5 percent growth. However, stocks found a floor early with help from better-than-expected manufacturing and consumer sentiment data.
Thursday Options Recap
Frederic Ruffy submits: SentimentStocks opened higher and are holding gains late Thursday on better-than-expected weekly jobless claims numbers. After a 275-point rally Wednesday, the Dow Jones Industrial Average extended the advance early after the Labor Department reported a 21,000 drop in jobless claims, which was better than the 15,000 drop that economists had predicted.
Thursday Options Recap
Frederic Ruffy submits: SentimentStocks are broadly higher for a second day. The table was set for morning gains on Wall Street after Europe’s equity markets rallied for a second consecutive session. Spain’s IBEX once again led the advance with a gain of 2.8 percent. Meanwhile, the euro steadied and, in the US, attention turned to a round of mostly upbeat same store sales numbers from retailers released Thursday morning.
Thursday Options Recap
Frederic Ruffy submits: SentimentWhat an exciting trading day this is not. The major averages slipped in morning action following a round of mixed economic news. Before the opening bell, the Labor Department reported that filings for jobless benefits declined by 3,000 in the week ended September 11. Economists were looking for an increase of 7,000.
Thursday Options Recap
Frederic Ruffy submits: Sentiment Stocks are lower on disappointing economic data, but trading has been orderly so far. Stock index futures were holding higher after the euro ran back towards 1.24 against the buck early Thursday and despite a round of disappointing economic news. Data released before the bell showed filings for jobless benefits increasing by 12K to 472K in the week ended June 12. Economists were looking for a decline of about 10K.

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