SPX Archives - CBOE Blogs

  • Technical Analysis & Charts | VIX | Jan 2, 2015, 10:00 AM

    Weekly Market Commentary 1.2.15

    Weekly Market Commentary 1.2.15

    Stocks stumbled into year end, with a couple of down days, the second of which was downright nasty.  But was this just illiquid, year-end manipulation (as the bulls suggest) or is it something more serious?  It's a little early to tell at this point, but if things don't improve quickly, then the bears have a chance to engineer a correction. The Standard & Poors 500 Index ($SPX) fell below support at year-end.  That support had been at the 2075-2080 level.  It is still above[...]

  • Market News | VIX | Trader Talk | Futures | Jan 1, 2015, 4:15 PM

    Nasdaq-100 Volatility in 2014

    Nasdaq-100 Volatility in 2014

    Of the three broad based market indexes that have tradable volatility markets, the Nasdaq-100 (NDX – 4236.28) was the clear winner in 2014. NDX rose almost 18% on the year while the S&P 500 was up 11.4% and the Russell 2000 gained only 3.5%. With the tech and biotech sector in favor for most of 2014 volatility as priced in by NDX options was relatively low. The first thought I have when I look at the table below is disbelief. I’ve said this many times and I’m truly[...]

  • Technical Analysis & Charts | Dec 30, 2014, 10:20 AM

    Nasdaq Composite Picking Up Steam - Weekly Market Outlook

    Nasdaq Composite Picking Up Steam - Weekly Market Outlook

    Last week was a fairly typical Christmas holiday-split week, marked by weak volume before and after the day off, and a slight gain on par with the beginning of an average Santa Claus rally (not to mention the tepid bullishness in front of the Christmas break).  Though the trend was up more or less, take last week's price action with a grain of salt, as last week was anything but a normal one.  Let's first examine - and chart - last week's big economic news. Economic Data The holiday-abbreviated[...]

  • Market News | VIX | Dec 30, 2014, 9:56 AM

    Everyone Loves Small Cap Stocks - But What Does the Market Say?

    Everyone Loves Small Cap Stocks - But What Does the Market Say?

    For most of 2014 the Russell 2000 has been the red headed step child of the US equity market. Small caps ruled the roost in 2013 but lost their luster for most of this year. That is until recently. I’m currently taking the week off from CBOE which means I spend all day watching the business networks. I hear lots of positive comments regarding small cap stocks and their prospects for next year. It is one thing to hear people on TV tell us such things, but it is more important to see some numbers[...]

  • Market News | Trader Talk | Dec 23, 2014, 3:53 PM

    Big (sorta) Bearish SPX Strangle from Monday

    Big (sorta) Bearish SPX Strangle from Monday

    Yesterday a trader came in to the SPX pit with an outlook that involves a (somewhat) range bound market through mid-February of next year. With the S&P 500 around 2070 there was a seller of just over 39,000 SPX Feb 20th 1860 Puts at 9.30 who also sold the same number of SPX Feb 20th 2150 Calls at 11.00 for a net credit of 20.30. We never know the end game or the mindset of the trader in these situations. However, we can always take a look at what the trade will do if held to expiration. In this[...]

  • Market News | Dec 23, 2014, 10:04 AM

    Review of Volatility in 2014 (Part 1) - High Volatility and Record Volume in October

    Review of Volatility in 2014 (Part 1) - High Volatility and Record Volume in October

    Dec. 22, 2014 – Looking back on volatility in 2014, certainly October was a key month for U.S. stock-related volatility. Two key volatility indexes that hit their highest daily closes for the year on October 15th – the CBOE Volatility Index® (VIX®) closed at 26.25 and the CBOE Short-Term Volatility Index (VXST) closed at 31.32 that day. RECORD VOLUME IN OCTOBER Here are record average daily volume (A.D.V.) numbers for October - (1) the S&P 500® (SPX) options A.D.V.[...]

  • Technical Analysis & Charts | VIX | Trader Talk | Dec 22, 2014, 4:15 PM

    Weekly Market Commentary 12.19.14

    Weekly Market Commentary 12.19.14

    In nearly 45 years of trading, I don't think I've ever seen a market as wild as the one has been this month. Let's review the entire technical picture. First of all, the chart of $SPX has not yet returned to a bullish state. $SPX would have to trade at new highs (above 2080) in order to turn the chart bullish again. Meanwhile, the equity-only put-call ratios remain on sell signals. They have been racing up their charts, but they still aren't even halfway up the charts. Thus, they are not in an oversold[...]

  • Technical Analysis & Charts | VIX | Education | Futures | Dec 15, 2014, 5:00 PM

    Capitulation Or Acceleration? - Weekly Market Outlook

    Capitulation Or Acceleration? - Weekly Market Outlook

    Stocks toyed with the idea two weeks ago, but pulled the trigger last week.  What's that?  A significant stumble.  After the bullish momentum slowed the first full week back after Thanksgiving, it reversed - in spades.  The S&P 500's (SPY) (SPX) 3.5% pullback last week was actually the worst single calendar-week performance since August of 2011. Ironically, the sheer size of the selloff may also be the best thing going for the market this week, as it may inspire a short-term[...]

  • Weekly Market Commentary 12.12.14

    Weekly Market Commentary 12.12.14

    Various indicators have been turning bearish since mid-November.  But until this week, $SPX itself had not broken down, and since price is "king," that was quite important.  However, now $SPX has broken down, as it has fallen below support at 2050.  This completes a bearish pattern, and a full-fledged correction is underway. This could be sharp and short-lived, and since it is taking place late in the calendar year (when seasonal bullishness occurs), that is probably the[...]

  • Market News | VIX | Blogging Options | Trader Talk | Dec 12, 2014, 1:10 PM

    Blogging Options: CBOE Mid-Day Update 12.12.14

    Blogging Options: CBOE Mid-Day Update 12.12.14

    Big option volume day as stock futures trade off today's lows.  ~13.6m contracts change hands near noon CST, with SPX options (847K) and VIX (922K) being active.  VIX Futures added on to pre-market interest as 306K futures traded.  Crude stocks still getting hit.  Volatility as an asset class: iPath S&P GSCI Crude Oil Total Return (OIL) is down $0.45 to $13.76 as WTI crude oil trades near $58.  Overall option implied volatility of 41 compares to its 26-week average of[...]

  • VIX | Blogging Options | Trader Talk | Dec 12, 2014, 8:09 AM

    Blogging Options: CBOE Morning Update 12.12.14

    Blogging Options: CBOE Morning Update 12.12.14

    November PPI fell 0.2% (gasoline accounted for over half of the drop - flat expected) Core Rate was flat.  Oil being hammered again ON IEA lowering oil price forecast again.  Overseas markets down sharply, US following.  Jan WTI trading $58.50.  10-year near 2.12%. VIX Futures active in pre-market with 59K contracts traded.  Volatility as an asset class: Adobe (ADBE) is up $4.17 to $73.90 in the premarket after reporting first quarter results and that it will acquire Fotolia[...]

  • Market News | VIX | Trader Talk | Education | Dec 11, 2014, 1:55 PM

    Weekly Weekly's Option Report 12.11.14

    Weekly Weekly's Option Report 12.11.14

    // Volatility is shaking up the market and traders are loving the fast-pace of trades in the Weekly's.  I'm Angela Miles. Today I am covering Weekly options expiring this Friday.  Next Friday is a traditional options expiration. I'm starting with trades in the SPX. It's a big volume day for SPX (S&P 500 Index) options contracts as the market responds to better-than-expect news on retail sales. One[...]

  • Trader Talk | Education | Dec 9, 2014, 10:00 AM

    Index & ETF LEAPS To Be Added for 2017

    Index & ETF LEAPS To Be Added for 2017

    On Wednesday, December 24, 2014, trading begins for December 2017 LEAPS® in the below Index and exchange-traded fund (ETF) option products: DJX (Dow Jones Industrial Average) MNX (Mini-NASDAQ 100 Index) NDX (NASDAQ 100 Index) OEF (iShares on the S&P 100 Index Fund) OEX (S&P 100 Index with American Exercise) RUT (Russell 2000 Index)** SPX (S&P 500 Index) SPY (SPDR S&P 500 ETF Trust)** XEO (S&P 100 Index with European Exercise) ** Note: RUT and SPY are the only products identified[...]

  • Market News | Technical Analysis & Charts | VIX | Education | Dec 8, 2014, 10:22 AM

    Can The Nasdaq Comp & Russell 2k Give The Next Boost? - Weekly Market Outlook

    Can The Nasdaq Comp & Russell 2k Give The Next Boost? - Weekly Market Outlook

    Though the market may have gotten off  to a bad start with Monday's 0.7% stumble, the bulls took charge again the very next day to hammer out a gain for the week.  Granted, it was less than a 0.4% gain when all was said and done, but a gain is a gain. On the other hand, it didn't take long after last week's turnaround from Monday's dip for the lethargy to set in again (some of which is likely due to the winter holiday season).  Once again, the S&P 500 (SPX) (SPY) is bumping around new-high[...]

  • Technical Analysis & Charts | Dec 5, 2014, 10:08 AM

    Weekly Market Commentary 12.05.14

    Weekly Market Commentary 12.05.14

    The stock market, as measured by the Standard & Poor's 500 Index ($SPX), sold off for a couple of days and then rebounded quickly to new all-time intra-day and closing highs.  However, sell signals and overbought conditions abound, so all is not bullish. With $SPX making new all-time highs, its chart is bullish, and the trend of the market is higher. Price is the most important indicator. That has not changed. Both of the equity-only put-call ratios have rolled over to sell signals. [...]