Blogging Options: CBOE Mid-day Update 5.30.13

Volatility as an asset class

CIT Group (CIT) is recently up $2.74 to $47.21 after the financial company announced that it received notice from the Federal Reserve Bank of New York ends crisis written agreement. June call option implied volatility is at 26, July is at 23, October is at 22; compared to its 26-week average of 22.

iShares MSCI Japan Index Fund (EWJ) is recently down 3c to $11.12 after the Nikkei fell 5%.  June call option implied volatility is at 31, July is at 30, September is at 26; compared to its 26-week average of 19.

Tesla (TSLA) is recently up $2.12 to $106.77 on plans to triple the coverage area of its network of supercharger car-charging stations by the end of next month. June call option implied volatility is at 87, July is at 84, September is at 76; above its 26-week average of 44.

First Solar (FSLR) is recently up $3.60 to $55.36 after Goldman Sachs upgrade to Buy from Neutral due to its strong backlog, negative sentiment and valuation, and near-term earnings visibility.  May weekly call option implied volatility is at 94, June is at 66, July is at 62, August is at 65, September is at 61; above its 26-week average of 53.

CBOE S&P 500 2% OTM BuyWrite Index (BXY) is recently up 7.15 to 1306.80, below its 10-day moving average of 1304.46 and above its 50-day moving average of 1287.81. www.cboe.com/BXY

Actives:  AAPL C ABX BAC OXY FSLR KO FB CLSN TSLA

CBOE Volatility Index (VIX) is recently down 25c to 14.58. VIX June 16 and July 21 calls are active on total option volume of 244K contacts at the CBOE.

S&P 100 Options (OEX) is recently up 4.56 to $746.92 on uncertainty of Federal Reserve Policy as U.S. Treasury yields trend higher.