Option Block 96: Resetting the VIX Bar
Trading Block: VIX finally gets to the mid-30s! The bar for has been raised. Apple without Jobs - down 0.5%. What effect could Jobs have on Apple stock post-mortem, or is this a turning point for Apple?
Odd Block:
Mortgage insurer MBIA Inc. (MBI): Shares are trading 3% higher this morning and early option activity suggests some investors believe the recent upturn in the companyís shares will continue over the next couple weeks. The bullish October 9 calls have seen nearly 5,000 contracts trade already this morning and, with 80% of the activity either mid-market or on the offers, it looks like buyers looking for the stock to rally another 16% over the next 11 trading days.
Childrenís Place Retail Stores, Inc. (PLCE): The specialty retailer of childrenís clothing saw greater-than-normal activity in its options this morning. It looks like one call seller populating the November contract expects the stock to resist below a specified ceiling through expiration day in six weeks. A block of 2,000 calls changed hands at the Nov. $55 strike against paltry previously existing open interest of just 20 contracts. The call options appear to have been sold by one options player for a premium of $0.85 per contract.
Xpress Block: Tim Navabi grabs the reins and discusses what was trading today at OX, as well as a rundown of some of the commodity movers. CBOE also recently unveiled SPXpm -- has it been successful?
Around The Block: Nonfarms: October 7 Gold and Silver are both consolidating, something to definitely check out. Apple earnings: October 18. Google earnings: October 13
Attention Option Block fans.....do you want to see another live taping of your favorite options podcast? Yes, it's back, and this time, it's at the FIA Futures and Options Expo.
Register now through VolX, The Volatility Exchange and receive your complimentary Exhibits Only pass for Options Insider listeners.
In addition to enjoying the Expo, please join the The Options Insider for live radio shows.
Here's the schedule:
October 11
4 pm - The Option Block
5 pm - Volatility Views
October 12
1:30 pm - The Long & Short of Futures Options
All shows will be recorded on the FIA Main Stage in the exhibit hall.
Live audience seating will be available on a first-come, first-served basis.
Hope to see you there!
Register now through VolX, The Volatility Exchange and receive your complimentary Exhibits Only pass for Options Insider listeners.
In addition to enjoying the Expo, please join the The Options Insider for live radio shows.
Here's the schedule:
October 11
4 pm - The Option Block
5 pm - Volatility Views
October 12
1:30 pm - The Long & Short of Futures Options
All shows will be recorded on the FIA Main Stage in the exhibit hall.
Live audience seating will be available on a first-come, first-served basis.
Hope to see you there!
About Mark S. Longo
Mark S. Longo is the founder of The Options Insider Inc. - a firm dedicated to providing free options information, education, news and analysis for options users. Whether it's on TheOptionsInsider.com, a leading online options destination; through Options Insider Radio, the world's only radio network for options users; or through a growing number of newsletters and live events, Mr. Longo continues to provide new ways to spread the word about options.Mr. Longo's analysis of the options market has appeared in a wide variety of domestic and international publications, including The Wall Street Journal, Financial Times, Reuters, Futures Magazine, and more. As one of the few industry commentators with practical options experience, he has developed a substantial following among industry veterans and newcomers looking for insight into this complex market.Mr. Longo began his career as an options trader on the floor of the Chicago Board Options Exchange.
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