Blogging Options: CBOE Morning Update 4.23.14

PG Earnings beat but revenues light. Apple earnings after the close.  Overseas markets watching earnings and rhetoric in Ukraine.  Volatility as an asset class

Delta Air (DAL) is up $1.63 to $36.58 in the premarket after reporting Q1 EPS 33c, compared to consensus 29c. April weekly call option implied volatility is at 46, May is at 39, June and September is at 35; compared to its 26-week average of 35.

Boeing (BA) is higher by $3.22 to $130.77 after reporting Q1 core EPS $1.76, consensus $1.56. April weekly call option implied volatility is at 42, May is at 22, June and August is at 21; compared to its 26-week average of 23.

Biogen (BIIB) is up $6.80 to $313 on Q1 profit rising 12% on better than expected revenue growth. May call option implied volatility is at 43, July and October is at 38; compared to its 26-week average of 38.

Gilead (GILD) is also up $2.55 to $75.42 in the premarket after reporting nearly $2.3B in Q1 sales for its new hepatitis C treatment Sovaldi. April weekly call option implied volatility is at 65, May is at 40, June is at 34, August is at 33; compared to its 26-week average of 34.

Options expected to be active @ CBOE: VZ EMC JNPR DAL ZNGA T BA PLUG FB AAPL BIIB GILD AMGN CREE

CBOE S&P 500 PutWrite Index (PUT) at 1415, compared to its 10-day MA of 1400.74 and its 50-day moving average of 1397.34. cboe.com/PUT

CBOE S&P 500 BuyWrite Index (BXM) at 1053.82, compared to its 10-day moving average of 1041.30 cboe.com/BXM

CBOE DJIA BuyWrite Index (BXD) at 261.62, compared to its 50-day moving average of 257.29 cboe.com/micro/bxd/

CBOE S&P 500 Short-Term Volatility Index (VXST) at 12.51, compared to its 10-day moving average of 14.30. VXST is a market-based gauge of expectations of 9-day stks.co/r0CS2

iPath S&P 500 VIX Short-Term Futures (VXX) up 10c to 40.99

CBOE Volatility Index (VIX) at 13.19, compared to its 10-day moving average of 14.73 and its 50-day moving average of 14.57 cboe.com/VIX

SPDR S&P 500 ETF Trust (SPY) is down 18c to $187.70 as China’s manufacturing sector has contracted for a fourth consecutive month in April.

Calls with increasing volume at CBOE:

SPY 5/17/2014 188 23K contracts
HD 5/17/2014 82.50 20K
VVUS 9/20/2014 6 16K
FB 5/17/2014 60 11K
HD 5/17/2014 80 10K
NLY 5/17/2014 12 10K