CSCO and AAPL dominated option volumes today, with a few other large prints farther out. CSCO – Call to put ratio was around 2.3 to 1, with the weekly 28, 27, and 26 calls the most …
Continue readingWFC
We previewed WFC earlier ahead of its earnings announcement tomorrow morning. We were initially inclined to leave this one alone, but we were intrigued because of the big move in rates in the 2nd quarter. We …
Continue readingEvent: WFC reports Q2 earnings tomorrow before the open. The options market is implying about a 2.75% move, which is higher than the 4 qtr avg move of 1.85%, and lower than the 8 qtr avg …
Continue readingThere has been a major dichotomy within the financials sector in the past couple months. International investment banks have struggled, while U.S.-centric commercial and regional banks have been strong market leaders. To illustrate, here is …
Continue readingToday was the lowest volume full trading day since June 10th, and options volumes were relatively light as well. VIX – Large 3 way trade, as someone sold the Aug 18/24 call spread at 0.92, 116k …
Continue readingA couple weeks ago I was fairly adamant about the fact that rising rates, in a slow U.S. corporate earnings growth environment, with the backdrop of weakening global demand would serve as the sort of …
Continue readingMorningWord 7/8/13: As Enis mentioned earlier in his MacroWrap (here), Q2 earnings season really doesn’t get kicked off in earnest until Friday morning when we get results from JPM and WFC. Despite AA’s earnings tonight, …
Continue readingOvernight price action was similar to what we have experienced over the past 2 months. Asian markets were almost all lower, with China leading the way on the downside (Shanghai Composite down 2.5%). Meanwhile, SPX …
Continue readingFinancials are now the best performing major sector in the market this year, after a very strong week on a relative basis. The financial sector, as measured by XLF, is up 21.5% in 2013, while …
Continue readingMorningWord 1/22/13: As Enis described in his MacroWrap this morning, Q4 earnings, at least the smattering that we have seen so far have been fairly divergent. The beginning of earnings season can be a fairly dangerous time …
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