CBOE Mid-Day Update 4.22.14

Fairly active options session with ~9.8mm options trading.  SPX with 585k and VIX showed ~375k trading.Volatility as an asset class

McDonalds (MCD) is down $0.31 to $99.39 after reporting disappointing Q1 earnings, but a rise in global same-store sales. May call option implied volatility is at 11, June is at 10, September is at 11; compared to its 26-week average of 14.

Xerox (XRX) is up $0.24 to $11.71 on Q1 earnings falling 5.1% and reducing its full-year adjusted earnings expectations. May call option implied volatility is at 24, June is at 21, October is at 22; compared to its 26-week average of 27.

United Technologies Corp (UTX) is up $1.61 to $119.91 after raising the lower end of its per-share earnings estimate. May, June, August and November call option implied volatility is at 13; compared to its 26-week average of 17.

Actives at CBOE:  AAPL TSLA HD AA AMZN FB BAC TWTR NFLX GILD

Stocks with increasing volume: POT NLY NRG JNS MDSO SBAC SWK CTIC

CBOE S&P 500 Short-Term Volatility Index (VXST) down 1.7% to 12.77, compared to its 10-day moving average of 14.33. VXST is a market-based gauge of expectations of 9-day volatility stks.co/r0CS2

CBOE DJIA BuyWrite Index (BXD) up 0.3% to 261.96, compared to its 50-day moving average of 257.30. cboe.com/micro/bxd/

CBOE Volatility Index (VIX) down 2.1% to 12.97. VIX May 16 and 20 calls are active at CBOE on 364K contracts cboe.com/VIX

iPath S&P 500 VIX Short-Term Futures (VXX) down 0.31 to 40.63

CBOE DJIA Volatility Index (VXD) down 1.9% to 12.35; compared to its 50-day moving average of 13.85.

CBOE Nasdaq-100 Volatility Index (VXN) down 6.8% to 17.27; compared to its 50-day moving average of 17.15

S&P 100 Options (OEX) recently up 4.64 to $833.80 as the tech sector stages a revival on solid corporate results.