Blogging Options: CBOE Afternoon Update

Volatility as an asset class;

Tesla Motors (TSLA) is up $1.77 to $32.15 after the company was upgraded to Overweight from Underweight at Morgan Stanley. Overall option implied volatility of 44 is near its 26-week average of 45.

Facebook (FB) is down $0.35 to $21.65 after Google (GOOG) says Google+ has over 100M users. September call option implied volatility is at 51, October is at 50, November is at 59; compared to its 14-week average of 57.

Apple (AAPL) is up $5.28 to $696.62 after saying customers placed more than 2M preorders for the iPhone 5 on the first day it was available (double the orders for the iPhone 4 last year). Overall option implied volatility of 30 is near its 26-week average.

S&P 100 Options (OEX) is recently down $1.00 to $671.86 after last week’s sharp rally.

CBOE Volatility Index (VIX) is recently up 6c to $14.57 on tight intra-day range of 14.38 – 14.92.

Option volume good today, SPX Weeklys over 31k, SPXpm over 6k at mid-day. Energy, metals and grains follow stocks lower.

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