Blogging Options: CBOE Mid-day Update

Apple (AAPL) outer month volatility higher then near term as shares bounce off of six-month lows
Apple (AAPL) is recently up 3% to $324.87 after trending to a six-month low. July put option implied volatility is at 26, August is at 28, September is at 30 October is at 31, January is at 33; compared to its 26-week average of 31, suggesting less near term price movement than outer months.

FedEx (FDX) is expected to release Q4 results before the open on June 22. July call and put option implied volatility of 29 is above its 26-week average of 27. Traders are active in July 90 and 92 calls on optimism for strong 2012 growth guidance, while traders are purchasing July 82 puts as hedge for weaker than expected outlook.

Alcoa (AA) July 16 calls and puts are active into the expected release of Q2 results in early July. July call option implied volatility is at 32, puts are at 34; compared to its 26-week average of 33.