Blogging Options: CBOE Morning Update

Volatility as an asset class:
 
Joy Global (JOY) is down $1.27 to $51.80 in the premarket after lowering its outlook and reporting Q3 EPS $1.82, consensus $1.88. Overall option implied volatility of 53 is above its 26-week average of 48.
 
Sears Holdings Corp (SHLD) is up 24c to $55.20 after its board of directors approved the rights offering to which Sears Holdings intends to effect the separation of its Sears Hometown and Outlet Stores subsidiary. Overall option implied volatility of 44 is below its 26-week average of 51.
 
WellPoint (WLP) is up $2.51 to $59.90 in the premarket following CEO Angela Braly resigning. Overall option implied volatility of 30 is near its 26-week average of 29.
 

CBOE Volatility Index (VIX) closed at 16.49, above its 10-day moving average of 15.04 and below its 100-day MA of 18.75.
 
Calls with increasing volume at CBOE;
 
SLB 11/17/2012 42.5 14K contracts
 
ERY 10/20/2012 8 9K
 
SPY 8/31/2012 142 9K
 
AAPL 8/31/2012 675 8K
 
BBY 9/22/2012 20 6K
 
BAC 9/22/2012 8 5K
 
GA 1/19/2013 5 5K
 
XLE 12/22/2012 75 5K

2Q GDP rose at a 1.7% rate (up from a 1.5% earlier estimate) but below the 11.9% many were looking for. This is down from the Final 1Q 2% growth. Some slight revisions higher in components but not enough to move markets. U.S. stocks are mixed to higher on tight global equity price movement. Slow volume yesterday. Eye on Isaac (gas in Chicago area jumped $0.20 at my station last night, thanks) and Paul Ryan speech tonight.