Blogging Options: Morning Update

Stock Mover’s:
 
Pier 1 Imports (PIR) is recently up 3.4% in pre-open trading following better than expected Q1 results. Overall option implied volatility of 51 is near its six-month average.

Volatility as an asset class:
 
Best Buy (BBY) June put option implied volatility is at 42, July is at 34; compared to its 26-week average of 33; into its expected release of Q1 results on June 14. 
 
Target (TGT) reported May SSS were up 2.8%. TGT overall option implied volatility of 23 is near its six-month average, suggesting non-directional price movement.
 
CBOE Volatility Index (VIX) June at the money 21 call volatility is at 116, October is at 121 as VIX closes at two-month high

CBOE significant call volume increases:
 
CSCO January 2013 20 24K
NOK June 7 16K 
NEM June 57.5 11K
NOK July 7 10K
FAS June 26 8K
ESV July 55 7K
UN November 35 6K

CBOE significant put volume increases:
RIMM September 40 22K
MSFT June 24 12K
CPN January 2013 5.10K
ESV July 48 7K
WMT June 55 6K