CBOE Mid-Day Update 5.16.14

May Expiration orderly. Stocks mixed, down for the week at current levels. PFE halted briefly for news pending, resumed after announcing they applied for a new patent on a breast cancer drug. 10-year unchanged, Oil’s and Metals pretty slow.

Jim Bittman, Peter Lusk and Marty Kearney showed Class of 2014 Naval Command College around CBOE trading floor this morning.

Volatility as an asset class: Rackspace (RAX) is up $6.08 to $36.76 after disclosing that in recent months, it has been approached by “multiple parties who have expressed interest in exploring a strategic relationship, ranging from partnership to acquisition.” June weekly call option implied volatility is at 86, June is at 53, September is at 41; compared to its 26-week average of 43.

Autodesk (ADSK) is up $2.93 to $50.75 on better than expected Q1 earnings and revenue. June call option implied volatility is at 23, July is at 25, October is at 28; compared to its 26-week average of 37.

Applied Materials (AMAT) higher by $1.26 to $19.25 on Q2 sales increasing 19%. June, July and October call option implied volatility is at 29; compared to its 26-week average of 28.

Actives at CBOE:  AAPL TSLA VZ RSJ CMCSA JCP CLF NQ RAX NFLX

Stocks with increasing volume @ CBOE: BKS GREK IRWD SANM GTIV EGO FXC

CBOE S&P 500 Short-Term Volatility Index (VXST) down 7.3% to 12.37; compared to its 10-day moving average of 12.07. VXST is a market-based gauge of expectations of 9-day volatility stks.co/r0CS2

CBOE DJIA BuyWrite Index (BXD) at 263.64, compared to its 50-day moving average of 259.85. cboe.com/micro/bxd/

CBOE Volatility Index (VIX) down 2.3% to 12.87. VIX May 13, 14 & 15 puts active on 205K contracts @ CBOE  cboe.com/VIX

iPath S&P 500 VIX Short-Term Futures (VXX) down 44c to 36.98.

CBOE DJIA Volatility Index (VXD) down 2.3% to 11.80; compared to its 50-day moving average of 13.29.

CBOE Nasdaq-100 Volatility Index (VXN) down 0.7% to 15.94; compared to its 50-day moving average of 17.65

S&P 100 Options (OEX) up fractionally to $829.75 on a unexpected drop in consumer confidence and a rise in the pace of home construction.