CBOE Mid-Day Commentary 3.19.14

Trading has slowed to a crawl.  Traders and investors waiting for FOMC announcement.  CBOE trades 2.35 million of 8.4mm options trading.  VIX Futures trade 58k, SPX options 470k and VIX options with 300k changing hands.
Volatility as an asset class

First Solar (FSLR) is up $8.88 to $66.88 after the maker of thin-solar panel forecast revenue of as much as $4B for this year. March call option implied volatility is at 79, April is at 59, June is at 51; compared to its 26-week average of 56.

KB Home (KBH) is up $1.38 to $19.58 after the home builder reported Q1 EPS 12c, compared to consensus 8c. April call option implied volatility is at 34, July is at 39; compared to its 26-week average of 44.

Adobe (ADBE) is down $2.16 to $66.75 after Q1 profit slipped 28% after the software company reported higher expenses on slight increase in revenue. March call option implied volatility is at 27, April is at 26, July is at 25; compared to its 26-week average of 28.


Options with increasing volume @ CBOE: CWH RDC PBF VRA WLP PEG OWW IEF

CBOE S&P 500 Short-Term Volatility Index (VXST) down 3c to 14.19, compared to its 10-day moving average of 14.90. VXST is a market-based gauge of expectations of 9-day volatility cboe.com/vxst

CBOE DJIA BuyWrite Index (BXD) up 16c to 259.26, compared to its 50-day moving average of 254.44. cboe.com/micro/bxd/

CBOE Volatility Index (VIX) down 8c to 14.45. VIX April 16, 20, 22 calls and April 14 puts are active at CBOE on 289K contracts cboe.com/VIX

iPath S&P 500 VIX Short-Term Futures (VXX) up 14c to 43.26.

S&P 100 Options (OEX) up 2c to $824.68 ahead of a U.S. Federal Reserve policy decision.

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