CBOE

CBOE

Chicago Board Options Exchange (CBOE), the largest U.S. options exchange and creator of listed options, continues to set the bar for options trading through product innovation, trading technology and investor education.

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Blogging Options: CBOE Mid-Morning Update 10.22.14

Economic reports at the opening not helping stocks move one way or the other. SPY of $0.40.   Volatility as an asset class Yahoo (YHOO) is up $2.32 to $42.509 after reporting Q3 EPS 52c, compared to consensus 30c. October weekly call option implied volatility is at 69, November is at 42, December is at [...]

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CBOE Mid-Day Update 10.21.14

Volatility as an asset class Coca-Cola (KO) is recently down $2.53 to $40.76 following earnings that were in line with expectations, but guidance that disappointed. October weekly call option implied volatility is at 27, November is at 16, January is at 14; compared to its 26-week average of 17. Harley-Davidson (HOG) is recently up $3.59 [...]

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Blogging Options: CBOE Morning Update 10.21.14

Several earnings reports at the opening.  MCD is off $0.75 after missing, VZ lower by $0.50, KO down $2.00.  Oil & Gold higher.  US markets open slightly higher.  Ed Tilly welcomed students from Drake School in Chicago to the SPX yesterday after the close.  CBOE is involved in a tutoring program with volunteers from the [...]

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CBOE Mid-Day Update 10.20.14

Volatility as an asset class IBM (IBM) is recently down $12.25 to $169.80 after reporting a 4% decrease in quarterly revenue and no longer expects ‘at least’ $20 operating EPS in 2015. October weekly call option implied volatility is at 31, November is at 20, January is at 19; compared to its 26-week average of [...]

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Blogging Options: CBOE Morning Update 10.20.14

Asian shares looked to lead US markets higher this morning, until disappointing guidance from Big Blue this morning (and earnings of $3.68 versus consensus estimates of ~$4.25). European shares retreated ~1% (unsure of RTGS system being down is connected to the selloff), US futures gave up early gains.  HAL beat and raised it’s dividend.  20K [...]

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CBOE Mid-Day Update 10.17.14

Volatility as an asset class Honeywell (HON) is recently up $3.39 to $89.77 on solid Q3 results and raising FY14 EPS guidance. November call option implied volatility is at 20, December and January is at 19, March is at 20; compared to its 26-week average of 18. Morgan Stanley (MS) is recently up 83c to [...]

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Blogging Options: CBOE Morning Update 10.17.14

US Futures look to open higher, extending yesterday’s afternoon rally.  Asian shares lower overnight, with NIKKEI off 1.4%.  European shares up ~1% to 2%.  Yields rising on US Treasuries as investors calm down. Oil futures higher.  URBN off $4.50 to ~$30 on margin drop,  Big volume at CBOE yesterday. Volatility as an asset class: Google [...]

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Weekly Weekly’s Option Report 10/16/14

Traders are loving the wild rides in the market. I’m Angela Miles covering Weekly’s options expiring next Friday, 10/24.  I’m starting with SPX this week, because in my last weeklys report, there was notable downside put buying around the 1875 strike. Wow, did those traders play it spot on as the S&P 500 plunged!  In [...]

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CBOE Mid-Day Update 10.16.14

Volatility as an asset class Chesapeake Energy (CHK) is recently up $2.80 to $20.61 after the energy company announced that it sold Marcellus and Utica shale assets to Southwestern Energy (SWN) for $5.375B. October weekly call option implied volatility is at 65, November is at 51, December is at 48; compared to its 26-week average [...]

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CBOE Mid-Day Update 10.15.14

Volatility as an asset class Airline stocks, on a roller coaster ride today, following reports the 2nd nurse infected with Ebola flew a few days ago (Oct 13). The CDC is reaching out to passengers who flew on Frontier Airlines flight 1143 Cleveland to Dallas/Fort Worth Oct. 13. United Continental (UAL) is recently down $2.62 [...]

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Blogging Options: CBOE Morning Update 10.15.14

Big option and VIX Futures day yesterday as markets firmed. Volatility as an asset class Intel (INTC) is down 29c to $31.85 in the premarket on Q3 net income rising 12%. October call option implied volatility is at 35, November is at 29, December is at 24; compared to its 26-week average of 22. Bank [...]

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CBOE Mid-Day Update 10.14.14

Volatility as an asset class Wells Fargo (WFC) is recently down 55c to $49.65 after reporting in-line Q3 earnings. October call option implied volatility is at 27, November is at 19, January is at 20; compared to its 26-week average of 16. Domino’s Pizza (DPZ) is recently up $6.90 to $82.63 after the company reported [...]

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Blogging Options: CBOE Morning Update 10.14.14

Busy day at CBOE yesterday, as almost 7.5 mm contracts trade.  Volume leaders were SPX and VIX, each exceeding 1 mm contracts with ease.  VIX futures with ~523 k volume came within a whisker of setting a record (~530K).  VIX futures off to a strong start in the early session with volume of 50 K.  [...]

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CBOE Mid-Day Update 10.13.14

Volatility as an asset class Tech stocks share prices have had wide price moment resulting in higher option implied volatility. Facebook (FB) is recently up $1.17 to $60.20. October call option implied volatility is at 40, November is at 47, December is at 40; compared to its 26-week average of 38. Amazon.com (AMZN) is recently [...]

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The Weekly Options News Roundup – 10/10/2014

The Weekly News Roundup is your weekly recap of CBOE features, options industry news and VIX and volatility-related articles from print, broadcast and online and social media outlets. Trading Volatility: It’s Just The Beginning Volatility trading continues to gain traction among market participants.  In a post-Risk Management Conference interview, Paul Stephens, CBOE Vice President and [...]

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CBOE Mid-Day Update 10.10.14

Volatility as an asset class CBOE Volatility Index NASDAQ 100 (VXN) recently up 6.2% to 21; compared to its 10-day moving average of 18.68, 50-day moving average of 15.27.  NASDAQ 100 down 0.9%. CBOE DJIA Volatility Index (VXD) is recently down 0.4% to 15.64; compared to 10-day moving average of 14.31, 50-day moving average of [...]

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Blogging Options: CBOE Morning Update 10.10.14

World markets take hit overnight, US stock futures soft, but off pre-market lows. 10-year 2.31%, 30-year 3.04%, Oil below $85.  35K VIX futures trade in early session.  Volatility as an asset class Symantec (SYMC) is down 24c to $23.20 in the premarket after the tech company announced plans to separate into two public companies. Overall [...]

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CBOE Mid-Day Update 10.9.14

Volatility as an asset class Volatility has increased as stocks have hit session lows Russell 2000 (IWM) October call implied volatility is at 23. www.cboe.com/IWM S&P 100 (OEX) October call implied volatility is at 15.  www.cboe.com/OEX S&P 500 Index Options (SPX) October call implied volatility is at 12. www.cboe.com/SPX Russell 2000 Index Options (RUT) October [...]

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CBOE Mid-Day Update 10.8.14

Volatility as an asset class Sears Holdings (SHLD) is recently down $4.40 to $25.90 after Bloomberg says vendor to halt shipments. October weekly call option implied volatility is at 170, October is at 107, November is at 94,  December is at 84, March is at 76; compared to its 26-week average of 54. J.C. Penney [...]

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Blogging Options: CBOE Morning Update 10.8.14

Overseas markets soft this morning, while US futures point to a firm opening.  10-year ~2.355%.  ~19,500 VIX Futures trade in early session.  Alcoa leads off the Q3 earnings season after the close. FOMC Minutes released mid-day.  Tekmira, a pharma stock involved in Ebola trials with active stock activity.  Volatility as an asset class: Yum! Brands [...]

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CBOE Mid-Day Update 10.7.14

Volatility as an asset class General Motors (GM) is recently down $1.59 to $32.16 after recalling 46,873 vehicles from 2008-2013. October weekly call option implied volatility is at 22, October is at 26, November is at 26, December is at 25; compared to its 26-week average of 27. Amazon.com (AMZN) is recently $1.59 to $320.61 [...]

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CBOE Mid-Day Update 10.6.14

Volatility as an asset class Intuitive Surgical (ISRG) is recently up $16.45 to $491.66 after Goldman Sachs upgraded the medical device company to Buy. October weekly call option implied volatility is at 39, October is at 33, November is at 36, January is at 31; compared to its 26-week average of 33. Chimerix (CMRX), up [...]

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Blogging Options: CBOE Morning Update 10.6.14

US stocks add on to gains in early trade.  Overseas markets higher, catching up to US rally Friday.  10-year 2.43%.  DIS spending over $1B to help European subsidiary, is up $0.40 in early trade.  Volatility as an asset class HP (HPQ) is up $2.11 to $37.31 in the premarket after announcing plans to separate into [...]

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The Weekly Options News Roundup – 10/3/2014

The Weekly News Roundup is your weekly recap of CBOE features, options industry news and VIX and volatility-related articles from print, broadcast and online and social media outlets. Up, Up, and Away! During the month of September, geopolitical events across the globe spurred an increase in market volatility.  Investors turned to options, boosting industry-wide volume [...]

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Blogging Options: CBOE Morning Update 10.3.14

September Non-Farm Payrolls rose 248K (wide range of estimates, this at the high end).  Unemployment Rate at 5.9% (6.1% August).  August Payrolls revised from 148K to 180K, July revised slightly higher. 10-year up 2 basis points to 2.46%, Gold drops $12, Euro with 125 handle. DJIA Futures look to up 100 point rise on open, [...]

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CBOE Mid-Day Update 10.2.14

Volatility as an asset class VIX methodology for Goldman Sachs (VXGS) up 1.2% to 24.79, below its 50-day moving average of 19.80. cboe.com/VXGS VIX methodology for Apple (VXAPL) up 2% to 28.79, below its 50-day moving average of 25.88. cboe.com/VXAPL VIX methodology for Amazon (VXAZN) up 3.1% to at 35.30, above its 50-day moving average [...]

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Blogging Options: CBOE Morning Update 10.2.14

Mr. Draghi keeps ECB rates unchanged.  European and Asian shares lower, oil off 1.5%.  US stock futures mixed to lower after getting hit hard yesterday.  22K VIX Futures change hands in early session after 250K trade yesterday.  US September employment report tomorrow. Volatility as an asset class: CBOE Crude Oil Volatility Index (OVX) at 22.38, [...]

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CBOE Mid-Day Update 10.1.14

Volatility as an asset class General Motors (GM) is recently up 84c to $32.78 after reaffirming near-term financial targets and reporting September U.S. sales up 19.4% to 223,437 vehicles. General Motors weekly volatility elevated into CEO unveiling financial strategy. October weekly call option implied volatility is at 38, October is at 26, November is at [...]

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Blogging Options: CBOE Mid-day Update 9.30.14

Volatility as an asset class Walgreen (WAG) is recently down 51c to $59.09 on Q4 revenue rising 6.2%. October weekly call option implied volatility of 30, October is at 23, November is at 22, January is at 21; compared to its 26-week average of 24. Cintas (CTAS) is recently up $4.98 to %70.95 on Q4 [...]

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Blogging Options: CBOE Morning Update 9.30.14

Window Dressing Day.  EBay and PayPal hog the spotlight this morning and shift focus to tech stocks.  Hong Kong shares off another 1.25% on continued unrest.  BABA options got off to a good start with CBOE trading over 33k of 122k contracts.  Average option volume day yesterday, but VIX futures traded 228k.   Case-Shiller Home [...]

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CBOE Mid-Day Update 9.29.14

Volatility as an asset class Alibaba (BABA) is recently down $1.44 to $89.03. October 90, 95 and 100 calls are active at the CBOE on the first day of options trading. October call option implied volatility is at 38, November is at 39, December is at 38, January is at 37. GoPro (GPRO) is recently [...]

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Blogging Options: CBOE Morning Update 9.29.14

US Futures down sharply, with DJIA futures off 145 points and S&P 500 futures lower by16 points.  VIX Futures have traded ~26 K contracts in the early session this morning.   Asian markets off 1.5% to 2% on unrest in Hong Kong – a reported 100k protesters in streets yesterday,  Personal Income for August higher by [...]

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Blogging Options: CBOE Morning Update 9.26.14

2Q GDP came in as expected at 4.6%.  U of M Sentiment later this morning.  Bill Gross leaving PIMCO has talking heads excited this morning.  Good option volume yesterday as CBOE traded ~6mm of 20mm contracts traded.  BABA expected to begin option trading Monday.  Commodities unchanged in early pre-market trade, Asian shares mixed to lower, [...]

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CBOE Mid-Day Update 9.25.14

Volatility as an asset class CBOE Volatility Index NASDAQ 100 (VXN) recently up 16.8% to 17.81; compared to its 10-day moving average of 15.19, 50-day moving average of 14.28.  NASDAQ 100 down 1.8%. CBOE DJIA Volatility Index (VXD) is recently up 17.4% to 14.10; compared to 10-day moving average of 12.35, 50-day moving average of [...]

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CBOE Mid-Date 9.24.14

Volatility as an asset class Accenture (ACN) is recently down 66c to $78.93 on Q4 profit rising 4.5%. September weekly call option implied volatility is at 22, October weekly is at 16, November is at 13, January is at 15; compared to its 26-week average of 20. KB Homes (KBH) is recently down $1.10 to [...]

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Blogging Options: CBOE Morning Update 9.24.14

US pre-market flat this morning.  Asian stocks mixed to lower, European shares higher.  August Housing Sales out shortly.  BABA gains ~$1 in pre-market.  Several FED Heads giving talks today, first two said somewhat contrary statements but by mid-day we’ll get that sorted out.  Volume on CBOE good yesterday.  Volatility as an asset class: Bed Bath [...]

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CBOE Mid-Day Volatility 9.23.14

Volatility as an asset class Carmax (KMX) is recently down $4.97 to $47.84 after posting sluggish Q2 used unit sales in comparable stores. October call option implied volatility is at 24, January is at 23, April is at 24; compared to its 26-week average of 27. Salix (SLXP) is recently up $8.62 to $168.45 after [...]

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CBOE Mid-Day Update 9.22.14

Volatility as an asset class S&P 100 Options (OEX) recently is recently down 6.17 to 890.94 on weak U.S. existing home sales in August and China finance minister indicating the country will not increase stimulus measures. CBOE Volatility Index (VIX) up 14.8% to 13.90. Oct 20 and November 15 calls active on 129K cboe.com/VIX iPath S&P [...]

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Blogging Options: CBOE Morning Update 9.22.14

Stocks open weaker,  YHOO downgraded by two analysts, off $1.50, despite BABA stake.  BABA lower by $3 on heavy volume.  BABA options tentatively listed next Monday. Existing Home Sales in August drop 1.1% (higher by 0.9% expected) weighing on market.  Volatility as an asset clas:s Dresser-Rand (DRC) is up $2.00 to $81.91 in early trading,  [...]

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The Weekly Options News Roundup – 9/19/2014

Your weekly recap of CBOE features, options industry news and VIX and volatility-related articles from print, broadcast and online and social media outlets. Applause, Applause Global Capital magazine held its annual Global Derivatives Awards ceremony in London Thursday evening, handing out several financial industry awards.  CBOE is honored to be named “Equities Exchange of the [...]

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CBOE Mid-Day Update 9.19.14

Volatility as an asset class Yahoo (YHOO) is recently down 95c to $41.18 on Alibaba (BABA) going public in a 320.1M share IPO priced at $68.  BABA is recently trading at $92.64.  September weekly call option implied volatility is at 60, October weekly is at 53, October is at 46,  November is at 40, January [...]

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Blogging Options: CBOE Morning Update 9.19.14

Alibaba.  No for Scotland. Triple Witch.  AAPL phone.  Stocks open higher on Scottish vote and follow through to yesterday’s rally. Lots of investors shut out on BABA IPO.  Options on BABA 9/29.  Volatility as an asset class: Yahoo (YHOO) saw profit takers  move the shares to unchanged after being up $0.60 in the pre-market, as [...]

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Weekly Weekly’s for 9.18.14

Where does the trade go from here?  I’m Angela Miles, and that is what I am covering today. Option’s plays in hot stocks going into next week’s options expiration. Let’s get it started with the grand-daddy of them all: Apple. Apple’s iPhone 6 hits store shelves tomorrow. Implied volatility has remained tame with many traders [...]

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CBOE Mid-Day Update 9.18.14

Volatility as an asset class Yahoo (YHOO) is recently down 54c to $42.05 into the expected IPO of Alibaba (BABA).  September call option implied volatility is at 98, September weekly is at 77, October weekly is at 63, October is at 50,  November is at 46, January is at 37; compared to its 26-week average [...]

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Blogging Options: CBOE Morning Update 9.18.14

Weekly Housing numbers bullish, but Housing Starts fell ~14%.  European shares higher, election results from Scotland before today’s US close?  Philly FED ay 9am CDT.  Triple Witch this afternoon and tomorrow.  BABA prices after the close today.  Volatility as an asset class Yahoo (YHOO) is up $0.46 to $43.05 in the premarket into the IPO [...]

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Blogging Options: CBOE Morning Update 9.17.14

FedEX beat estimates by $0.14 this morning, helped by stock repurchase program.  Sony announced a $2 Billion loss due to smart phone sales dropping.  Eyes (Ayes?) on Scottish vote tomorrow.  Some traders thinking early results could be announced while US markets still open.  Triple Witch Friday.  Janet Yellen makes appearance this aternoon. Volatility as an [...]

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Blogging Options: CBOE Morning Update 9.16.14

Producer Prices were flat in August, as expected.  Markets up fractionally in first half-hour of trading.  YHOO off $0.45 as most aware they own ~22% of BABA shares.   Volatility as an asset class: Currency option implied volatility increases into Scotland voting for independence CurrencyShares British Pound Sterling Trust (FXB) overall option implied volatility of 12 [...]

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CBOE Mid-Day Update 9.15.14

Volatility as an asset class Yahoo (YHOO) is recently up 11c to $42.99 into the Alibaba (BABA) offering.  September call option implied volatility is at 56, October weekly is at 55, October is at 50,  November is at 44, January is at 37; compared to its 26-week average of 34. VIX methodology for IBM (VXIBM) [...]

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Blogging Options: CBOE Morning Update 9.15.14

Empire State bounced back as expected, following a sharp drop in the previous month.  Industrial Production fell 0.1% in August (+0.3% expected). Oil down, Gold a little higher; 10-year dips below 2.59%.  Triple Witch, Scottish vote and Alibaba (BABA) should be on the watch list this week.  How ’bout those (Chicago) Bears!  Volatility as an [...]

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The Weekly Options News Roundup – 9/12/2014

Your weekly recap of CBOE features, options industry news and VIX and volatility-related articles from print, broadcast and online and social media outlets. Financial Movers and Shakers Each year Crain’s selects and highlights movers and shakers in the Chicago business sector.  Once again, CBOE’s CEO Ed Tilly and Chairman of the Board William Brodsky are [...]

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Blogging Options: CBOE Morning Update 9.12.14

August Retail Sales up 0.6%, X-Autos higher by 0.3%.  X-Autos matched July, and the lowest reading in 7 months.  Eyes on Europe.  An article on anticipated Alibaba (BABA) options listing in this space yesterday, scroll back and check it out.  Markets flat to lower at opening bell.  Volatility as an asset class: Ulta Salon (ULTA) [...]

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CBOE Mid-Day Update 9.11.14

Volatility as an asset class Restoration Hardware (RH) is recently down $3.67 to $78.42 after the high end home retailer reported less than expected Q2 revenue. September call option implied volatility is at 39, October is at 34, November is at 35; compared to its 26-week average of 48. Five Below (FIVE) is recently down [...]

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Blogging Options: CBOE Morning Update 9.11.14

Weekly Claims rose to 315 K, second week in a row above 300 K, highest number in three months and above same number last year. Prety good option day yesterday, as ~17 mm contracts trade. 650K SPX, 560K VIX contracts and 154 K VIX futures trade hands.  Presidents’ speech didn’t impress some traders, Chinese economic [...]

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CBOE Mid-Day Update 9.10.14

Volatility as an asset class Bank of America (BAC) is recently up 8c to $16.22 on seeing reducing branches to 5,000 by end of year. September and October call option implied volatility is at 19, December is at 20; compared to its 26-week average of 23. eBay (EBAY) is recently down $1.62 to $51.11 in [...]

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CBOE Mid-Day Update 9.9.14

Volatility as an asset class Apple (AAPL) is recently up $1.22 to $99.64 into its much-anticipated product launch event. September weekly call option implied volatility is at 56, September is at 35, October is at 31, December is at 25, January is at 24; compared to its 26-week average of 25. VIX methodology for Apple [...]

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Blogging Options: CBOE Morning Update 9.9.14

Overseas markets seeing contagion fears on Scottish independence vote.  Spanish bonds higher, SPX off 7 points, VIX up 0.30 in first 20 minutes.  MCD with huge drop in same-store-sales in Asia off $0.50. Volatility as an asset class Apple (AAPL) up $1 in first half hour of trade to $99.36 into today’s press event. September [...]

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CBOE Mid-Day Update 9.8.14

Volatility as an asset class Apple (AAPL) is recently down 28c to $98.72 into a company sponsored September 9 press event.  September weekly call option implied volatility is at 53, September is at 35, October is at 31, December is at 25, January is at 24; compared to its 26-week average of 25. VIX methodology [...]

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Blogging Options: CBOE Morning Update 9.8.14

Polling in Scotland showed the independence supporters leading for the first time, a week before the election.  Profit taking, unrest in Ukraine, confusing export numbers out of China and UK uncertainty have sent bulls to the corral.  CBOE Risk Management Conference Europe getting nice comments, a recap will be published in this space soon.  Volatility [...]

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The Weekly Options News Roundup – 9/05/2014

Your weekly recap of CBOE features, options industry news and VIX and volatility-related articles from print, broadcast and online and social media outlets. More Interest In Volatility CBOE continues its legacy of innovation with its latest addition to their volatility suite.  On November 13th, the CBOE/CBOT 10-year U.S. Treasury Note Volatility Index will begin trading [...]

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CBOE Mid-Day Update 9.5.14

Volatility as an asset class TASER (TASR) is recently up 62c to $18.17 after New York City Police Department Commissioner William Bratton yesterday announced that the department would begin testing two types of body cameras that will allow police officers to record audio and video during their interactions with the public. The two devices that [...]

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The Volatility Surface: Skew and Term Structure

In one of the final sessions of Day Two, Sheldon Natenberg, Co-Director of Education, Chicago Trading Company, and Natasha Jhunjhunwala, Director, Equity Derivatives Product Management, Credit Suisse, presented on “The Volatility Surface: Skew and Term Structure.” Natenberg is the author of “Option Volatility and Pricing,” one of the most widely read books by option traders [...]

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Asset Allocation Rebalancing Using Short Options

Dr. Christoph Gort, Partner, SIGLO Capital Advisors and Pav Sethi, Chief Investment Officer, CEO, Gladius Investment Group, teamed up for the “Asset Allocation Rebalancing Using Short Options” session on Thursday afternoon.  In the presentation, they highlighted results from an empirical study on the use of SPX options to implement allocation shifts with market moves.  Interestingly, [...]

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Weekly Weekly’s for 9.4.14

Apple leads the way in my report on Weekly’s. The highly anticipated new product launch is next Tuesday. Today, I’m covering weeklys set to expire this Friday and next Friday, September 12th. It’s been a wild week for Apple (AAPL) traders. The stock is now trading below $100. Some people say it’s profit taking ahead [...]

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CBOE Mid-Day Update 9.4.14

Volatility as an asset class SolarCity (SCTY) is recently up $4 to $71.12 after announcing plans to open 20 new operations centers in seven states. September 12 weekly call option implied volatility is at 44, September is at 45, October is at 46, January is at 49; compared to its 26-week average of 60. BP [...]

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Blogging Options: CBOE Morning Update 9.4.14

ECB cut rates again, 0.15% to 0.05% and the Deposit Rate went from -0.10% to 0.20%.  Cookie jar and mattress sales expected to rise.  US Dollar moved higher against Euro.  ADP private payroll for August showed a gain of 204K jobs, below consensus and the lowest number in six months.  Day 2 of CBOERMC in [...]

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CBOE CEO Edward Tilly on Growing the Volatility Space

Day Two of CBOE RMC Europe kicked off with a welcome from CBOE CEO Edward Tilly. He said the agenda for RMC reminds him that “we are really at the beginning of the evolving VIX story” and highlighted several new CBOE initiatives designed to continue to grow the volatility space. Tilly noted that “though, by [...]