SPX Archives - CBOE Blogs

  • Technical Analysis & Charts | VIX | Trader Talk | Education | Jan 30, 2015, 2:30 PM

    Weekly Market Commentary 1.30.15

    Weekly Market Commentary 1.30.15

    Market volatility has remained high, and we can expect these high levels of volatility to persist. Even with this volatility, the chart of $SPX is still in a trading range. Once again -- for the fifth time this month -- 1990 has proven to be support. To say that 1990 is an important level would be an understatement.   If it gives way, a much more bearish situation would develop. On the upside, there is resistance at 2065. Equity-only put-call ratios remain on sell signals.  They rolled[...]

  • VIX | Trader Talk | Education | Trade Ideas | Jan 29, 2015, 10:00 AM

    Day Two Agenda: CBOE Risk Management Conference March 5th

    Day Two Agenda: CBOE Risk Management Conference March 5th

    As you know, CBOE’s 31st Annual Risk Management Conference (RMC) will be held March 4 – 6, 2015 at the Park Hyatt Aviara in Carlsbad, California, 25 miles North of San Diego.  RMC is the premiere financial industry conference designed for institutional users of equity derivatives and volatility products. RMC's agenda covers a variety of concepts, including how to employ  hedging techniques for portfolios, utilizizing equity derivatives, and modeling and trading volatility. Topics[...]

  • Technical Analysis & Charts | VIX | Jan 26, 2015, 10:00 AM

    The Fed, Earnings Season & GDP - Weekly Market Outlook 1.26.15

    The Fed, Earnings Season & GDP - Weekly Market Outlook 1.26.15

    Despite Friday's lull, the market took a pretty big bullish step last week, following through on the reversal hints it was dropping before the three-day weekend. It's still not over its biggest hurdles, but at least it's not knocking on the door of a rather serious breakdown. On the other hand, the hurdles ahead are very big, and backed by stress-inducing fundamentals. We'll take a technical and fundamental look below. Let's first paint some broad brush strokes with last week's economic numbers and[...]

  • Market News | Trader Talk | Education | Jan 22, 2015, 1:00 PM

    Weekly Weekly's for 1.22.15

    Weekly Weekly's for 1.22.15

    Traders are jumping into weekly options to trade upcoming earnings. I'm Angela Miles covering weekly options expiring this Friday and next Friday. // Starbucks (SBUX) turns in earnings after the close. The straddle at the 81 strike is pricing in about a 3% move up or down. Last year, the market suggested a 5% move off of earnings. There more upside calls than downside puts trading in the early going with an emphasis on the[...]

  • Market News | Technical Analysis & Charts | VIX | Education | Jan 20, 2015, 3:00 PM

    Volatility Remains A Concern - Weekly Market Outlook

    Volatility Remains A Concern - Weekly Market Outlook

    After five straight days of losses for the market, even Friday's big gain wasn't enough to leave the market higher for the week.  That makes the third consecutive week of lost ground for stocks, though there are some hints that the bulls are sensing there's something of a floor materializing near last week's lows (which were pretty well aligned with the previous week's lows). Don't misunderstand that observation - the bulls still have a ton of work to do if they want to convincingly put the[...]

  • Market News | VIX | Trader Talk | Futures | Jan 17, 2015, 1:00 PM

    Last Week in VIX - 1/12 - 1/16

    Last Week in VIX - 1/12 - 1/16

    If the January VIX futures could speak they probably would say something like, “I told you so”. Of course the contracts can’t speak, but the point behind this is a week ago the January contract closed at a pretty substantial premium to VIX relative to recent history. A week later both the January contract and spot VIX are higher. Remember VIX futures are priced based on a risk premium associated with being short volatility or the anticipation that VIX make move up in the near term.  [...]

  • Market News | VIX | Trader Talk | Futures | Jan 16, 2015, 8:26 PM

    Last Week in Volatility Indexes and ETPs - 1/12 - 1/16

    Last Week in Volatility Indexes and ETPs - 1/12 - 1/16

    Despite Friday’s rally, the S&P 500 was down four of five days and gave up about 1.25% last week. At the worst point the S&P 500 was down over 3% on the week and then of course it shook off the dip and rallied to end the week. You can’t keep a good market down nor does it appear can the bears keep this market down either. All four of the S&P 500 oriented volatility indexes were higher for the week. And the curve became slightly inverted. VXST is higher than the three other[...]

  • Technical Analysis & Charts | Jan 16, 2015, 11:15 AM

    Weekly Market Commentary 1.16.15

    Weekly Market Commentary 1.16.15

    The stock market has experienced huge moves so far this year, far greater than have been seen since the fall of 2011.  There has been a lot of back forth action, but the bears seem to be gradually getting the upper hand.   Yet, the indicators are mixed and it could be that the Standard & Poors 500 Index ($SPX) is just in a wide and volatile trading range. $SPX has established support near 1990.  Below there, the next support level is at roughly 1975, and if that support is[...]

  • Education | Jan 13, 2015, 6:30 PM

    New Study – Funds That Use Options (Part 2 on Lower Volatility)

    New Study – Funds That Use Options (Part 2 on Lower Volatility)

    A new study -- “Highlights of Performance Analysis of Options-Based Equity Mutual Funds, CEFs, and ETFs” -- analyzed SEC-regulated investment companies that focus on use of exchange-listed options for portfolio management (options-based funds). I still speak with novice investors who think that all options strategies are risky, but the study found that the Options-Based Funds overall have had less volatility than some key benchmark indexes over a 15-year time period. OPTIONS-BASED FUNDS[...]

  • Technical Analysis & Charts | VIX | Education | Jan 12, 2015, 12:40 PM

    Yields Continue To Fall Despite Looming Fed - Weekly Market Outlook

    Yields Continue To Fall Despite Looming Fed - Weekly Market Outlook

    Stocks were on pace to close last week out with a gain, thanks to Wednesdays and Thursday's big rebound.  But, solid news on the employment front sent stocks lower on Friday, and into the red for the week.  Still, the bulls were just strong enough to hold all the major indices above a key line in the sand, maintaining hope that stocks may find their way out of this lull and renew the bigger uptrend soon. We'll examine exactly how the bulls are hanging on to hope below, after a deeper inspection[...]

  • Market News | Technical Analysis & Charts | VIX | Jan 9, 2015, 1:00 PM

    Weekly Market Commentary 1.9.15

    Weekly Market Commentary 1.9.15

    The market has been on a rather wild ride for over a month now.  With the action of the last two days, our indicators have swung back to a bullish status, for the most part. The fact that $SPX has now risen back above its 20-day moving average and has closed above 2060 is positive.  A second day's close above 2060 would be confirmation of the recovery in the $SPX chart. Equity-only put-call have rolled over to buy signals. Market breadth was not very supportive of the December rally, and[...]

  • Market News | VIX | Trader Talk | Education | Jan 8, 2015, 1:00 PM

    Weekly Weekly's Option Report 1.8.15

    Weekly Weekly's Option Report 1.8.15

    // Oil, earnings and stocks with hot options action are all coming your way.  I'm Angela Miles covering Weeklys set to expire tomorrow. Next Friday is a traditional options expiration. Let's get rolling with oil. Oil futures are trading below $50 per barrel this week. In weekly options for BP there are traders taking at-the-money positions at the 36 strike as the stock trades $36. Options contracts are considered expensive[...]

  • Market News | VIX | Trader Talk | Futures | Jan 5, 2015, 5:08 PM

    Was Today's VIX Action Indicating Panic?

    Was Today's VIX Action Indicating Panic?

    While most people were watching the markets today I was running from meeting to meeting and only had a couple of chances to check out what was going on in the markets. Usually on days like this we can hear extra volume (not numerical, but audible) at The Options Institute as our offices are just above both the VIX and S&P 500 pits. I do not recall one time today hearing any outburst of activity from the floor. Once the day was over and I had a moment to check on the markets I was honestly surprised[...]

  • Another January Swoon In Store? - Weekly Market Outlook

    Another January Swoon In Store? - Weekly Market Outlook

    Barring a big move on Monday, the end of 2014 and the beginning of 2015 isn't going to be the beneficiary of a so-called Santa Claus rally.  The S&P 500 (SPX) (SPY) is now down 1.1% since the Christmas break, versus the average 1.8% gain we usually see during this period of the year. That, however, isn't the only market worry at this point.  More alarming is how much the last three months of 2014 looks like the last three months of 2013, which served as the basis for[...]

  • Market News | VIX | Trader Talk | Jan 2, 2015, 3:30 PM

    The Weekly Options News Roundup – 1/2/2015

    The Weekly Options News Roundup – 1/2/2015

    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. New Year, New Options? It’s January, the time when investors eagerly search for clues to help forecast the markets (and volatility!) for the new year.  So, what’s the outlook for 2015?  Some industry observers weigh in. “Outlook 2015: Options for the Long Haul” – Steve Sosnick,[...]