Blogging Options: CBOE Morning Update

After the first half hour of trading, the DJIA is up 7 points, SPX off 2 and the NASDAQ is down 8 points. Morgan Stanley beat street estimates and is up 5% to $21.88, a gain of $1.13. American Express (AXP) fell $1.27 to $59.47 on lower volume. Asian markets closed higher while Europe mixed.

Good option volume yesterday as over 1 million SPX contracts changed hands, almost 550k VIX optiions traded and almost 10k SPXPM.

Speaking of volume, a 23k VIX spread happened as I walked by the VIX pit this morning. A customer bought 23k VIX March 20 calls and sold 23k March 30 calls, think the price was near $0.93 per spread. Nice size trade, not unusual in the VIX pit.

U of Michigan Sentimate a big miss after the opening. 71.3% was the number. That is down from 72.9% in December, and much lower than the 75% expected by the street.

Holiday trading soon to set in as Monday is a trading holiday, MLK Day.