Blogging Options: CBOE Morning Update 7.17.13

Volatility as an asset class:

Bank of America (BAC) is up $0.13 to $14.05 in the premarket on Q2 net up 63% on strong trading. Overall option implied volatility of 27 is near its 26-week average of 29.

U.S. Bancorp (USB) is down $0.43 to $36.85 in the premarket on Q2 net up 4.9% on lower credit-loss provisions. Overall call option implied volatility of 16 is near its 26-week average of 17.

PNC Financial (PNC) is off $0.40 to $74.10 in the premarket on Q2 net earnings more than doubling. Overall option implied volatility of 21 is at its 26-week average.

BNY Mellon (BK) is higher by $0.55 to $30.90 in the premarket on Q2 net earnings rising 81%. Overall option implied volatility of 29 is above its 26-week average of 24.

Northern Trust (NTRS) at $60.75 into Q2 net increasing 6.4% on higher fees. Overall option implied volatility of 24 is above its 26-week average of 20.

Financial Select Sector (XLF) overall volatility at 18, 26-week average is 19.

CBOE S&P 500 BuyWrite Index (BXM) closed at $957.02, above its 10-day moving average of 954.95 and its 50-day moving average of 957.01. www.cboe.com/BXM

CBOE Volatility Index (VIX) closed at 14.42, below its 10-day moving average of 14.69, and its 50-day moving average of 15.29. www.cboe.com/VIX

Calls with increasing volume at CBOE:

BAC 7/20/2013 14 42K contracts
YHOO 10/19/2013 31 23K
SPY 7/20/2013 160 20K
XLK 8/17/2013 33 15K
MU 1/17/2015 25 12K
TLM 10/19/2013 14 12K

SPDR S&P 500 ETF Trust (SPY) has moved higher by $0.40 to $167.92 on inline bank earnings.  YHOO higher after earnings beat by $0.05 after the close yesterday, but a little light on revenue,  AXP off $3.00 on European concerns.  Mr Bernanke’s minutes released a few minutes ago, vague reassurances playing well with futures,

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