SPX Archives - Cboe Blogs

  • Market News | Technical Analysis & Charts | Dec 9, 2015, 11:39 AM

    An Early Retrospective on ^SPX and ^RUT

    An Early Retrospective on ^SPX and ^RUT

    The end of any calendar year gives us a perfect opportunity to look back and evaluate the year that was, and perhaps prognosticate about the year that may be. The ^SPX closed @ 2,058.90 on 12/31/14 – up nearly 12% in 2014. As I type, the ^SPX is 2,068 – up fractionally for 2015. Yesterday and today we traded either side of unchanged on the ^SPX for 2015. The broad market is oscillating between 2080 and 2,052. Yesterday the Energy sector was weighing heavily on the market and when Crude[...]

  • Market News | Dec 7, 2015, 4:35 PM

    Weekly Market Outlook - Will Overhead Hurdles Constrain?

    Weekly Market Outlook - Will Overhead Hurdles Constrain?

    Despite Thursday's severe drubbing (the potential beginning of a bigger meltdown), stocks finished the week on a very bullish note, gaining more than 2.0% on Friday. That was enough to put the market back in the black for the week, even if just barely. The strong finish to last week, however, at least sets a bullish tone headed into the new trading week. And yet, none of the key indices have cleared their major technical hurdles that have been in the way for the past month... give or take. We'll[...]

  • Market News | Dec 4, 2015, 2:50 PM

    Weekly Stock Market Commentary: SPX Chart Now Has Heavy Resistance in the 2080-2100 Area

    Weekly Stock Market Commentary: SPX Chart Now Has Heavy Resistance in the 2080-2100 Area

    The $SPX chart now has heavy resistance in the 2080-2100 area, where it spent most of the previous two weeks. The support at 2020 (November lows) is still in place as well, and will likely be tested in the coming days. Both equity-only put-call ratios are on sell signals, and they are now beginning to race higher on their charts. Market breadth made a valiant attempt to get back on track last week. However, that strength in breadth was fleeting, and now both breadth oscillators have rolled over to[...]

  • Market News | Nov 30, 2015, 4:58 PM

    Weekly Market Outlook - Jobs, Sentiment & Gold

    Weekly Market Outlook - Jobs, Sentiment & Gold

    It was a typical Thanksgiving week last week... very quiet. Don't get used to it though. The market's activity will perk up again this week as traders get back to their posts. As for which direction that volatility will carry the market, that's a tougher question to answer. The BigTrends TrendScore for stocks currently rests at 82.7 (out of 100), above 60 means the market is in a bullish trend overall on a Daily/Weekly time basis. On the flipside, the indexes are very much stuck in the middle of[...]

  • Market News | Trader Talk | Trade Ideas | Nov 28, 2015, 6:40 PM

    New Barron's Article and RMC Presentation on Funds' Use of Options

    New Barron's Article and RMC Presentation on Funds' Use of Options

    Use of options by funds has grown tremendously since the 2002 introduction of the first major benchmark for options-based performance - the CBOE S&P 500 BuyWrite Index (BXM). Below are some recent developments and updates re fund use of options that will be covered at the First Annual CBOE Risk Management Asia Conference, which launches on Nov. 30 in Hong Kong. 1. BARRON'S. On page M9 of the Nov. 30 issue of Barron's, Amey Stone devotes the entire column to a review of covered call funds, and[...]

  • Market News | Nov 24, 2015, 11:44 AM

    Discussion of Volatility of Volatility at RMC in Hong Kong on Dec. 1

    Discussion of Volatility of Volatility at RMC in Hong Kong on Dec. 1

    On December 1st in Hong Kong at the First Annual CBOE Risk Management Conference (RMC) Asia, two expert speakers - William Chan, Equity Derivatives Strategist, Bank of America Merrill Lynch, and Michael Fagan, Chairman, Levitas Capital - will discuss the topic of Volatility of Volatility, and (1) Historical observations and interpretations for "vol-of-vol" surfaces, (2) Trading and hedging applications, depending on client objectives, and (3) A case study approach. Below is some analysis[...]

  • Market News | Nov 23, 2015, 10:27 AM

    Weekly Market Outlook - Bullish, But Facing A Wall

    Weekly Market Outlook - Bullish, But Facing A Wall

    Last week a diametrical opposite to the action from two weeks ago. Two weeks ago, the bears were firmly in charge, and picking up steam. Something happened over the prior weekend though, and stocks hit the ground running higher last week... and never looked back. When all was said and done, the S&P 500 (SPX) (SPY) finished the week up 3.6%, having hurdled two key moving averages along the way. And yet, the finish on Friday was anything but convincingly bullish. This week could go either[...]

  • Market News | Nov 16, 2015, 10:13 AM

    Weekly Market Outlook - Volume & Volatility

    Weekly Market Outlook - Volume & Volatility

    What started out as only a modest possibility last week didn't take long to turn into the worst-case scenario. The S&P 500 (SPX) (SPY) gave up 3.6% of its value last week... the biggest weekly drop since the one that did the core of damage in mid-August. Uncertainty regarding the health of the economy after a few-too-many disappointing retail earnings reports was largely to blame for the weekly setback, though uncertainty surrounding the near-term future of interest rates took a toll as[...]

  • Market News | Trader Talk | Education | Futures | Trade Ideas | Nov 11, 2015, 8:01 AM

    Five Things I'm Looking Forward to at RMC Asia

    Five Things I'm Looking Forward to at RMC Asia

    The air was cold this morning as I headed to the train which means two things.  Thanksgiving is just around the corner and right after that CBOE will be in Hong Kong for our first annual CBOE Risk Management Conference in Asia.  The schedule is out and I’m excited about the whole docket, but five things in particular have me counting the days to November 30th. Ed Tilly, CEO of CBOE Holdings, will be speaking at the beginning of the second day to welcome attendees and give an update[...]

  • Market News | Nov 9, 2015, 10:17 AM

    Weekly Market Outlook - Stocks Hang in the Balance

    Weekly Market Outlook - Stocks Hang in the Balance

    Stocks may have ended the week with a gain last week, but it didn't end the week on a bullish note. Every bit of last week's 0.9% advance (and then some) was reaped on Monday, with the market drifting lower over the course of the last three days of the week. Still, stocks hang in the balance between bullishness and bearishness... squarely in the middle. Surprisingly, big unemployment news didn't rock the market out of its rut. Don't assume Friday's employment report can't still have a market-moving[...]

  • Market News | Nov 6, 2015, 1:03 PM

    Weekly Stock Market Commentary - Indicators Are Still Bullish

    Weekly Stock Market Commentary - Indicators Are Still Bullish

    The stock market's strong rally has continued for another week, although it's beginning to act a bit tired, and the market is getting overbought. Even so, the $SPX chart is still in an uptrend, and there is support at 2040, 2020 and 2000. Equity-only put-call ratios continue to plunge, and that is bullish for stocks. These ratios are now in the lower portion of their charts, which is just on the verge of being overbought. Market breadth has remained one of the weaker components. At the current time,[...]

  • VIX | Trader Talk | Strategy | Nov 4, 2015, 7:18 PM

    Reality Check - VIX, SPX, and Non-Farm Payrolls

    Reality Check - VIX, SPX, and Non-Farm Payrolls

    The first Friday of the month means different things to different people.  For instance, at the Rhoads household that’s taco night!  However, in the world that is the financial markets the first Friday of the month is (typically) the day that the market digests the Non-Farm Payrolls number.  This is often the first number to give us insight into the economy from the previous month.  For example this coming Friday’s Non-Farm Payroll report discusses changes in employment[...]

  • Market News | Nov 2, 2015, 10:29 AM

    Weekly Market Outlook - Economy, Market, Sentiment, Sector

    Weekly Market Outlook - Economy, Market, Sentiment, Sector

    Though last week ended up being a merely mediocre one for the stock market, the entire month of October ended up being the best month for stocks in four years. All told, last week's 0.2% advance for the S&P 500 (SPX) (SPY) meant an 8.2% advance for the calendar month. And yet, despite the decidedly bullish momentum, the indices are not at multi-month new highs... a testament to how nasty August's pullback was. On the flipside, the indices are above all the key moving average lines and we[...]

  • Market News | Oct 30, 2015, 11:37 AM

    Weekly Stock Market Commentary - Sell Signals Have Been Hard to Come By

    Weekly Stock Market Commentary - Sell Signals Have Been Hard to Come By

    The stock market, as measured by the Standard & Poors 500 Index ($SPX), has gained 220 points in a month (since the September 28th lows).  After such a strong advance in so short of a time, one would have to say that the market is overbought.  Even so, actual sell signals have been hard to come by. The $SPX chart itself remains bullish in that it is in a pattern of higher highs and higher lows, and the 20-day moving average is rising. Equity-only put-call ratios continue to decline[...]

  • Strategy | Oct 30, 2015, 10:26 AM

    'Halloween Trend' Points To Market Upside In The Coming Months

    'Halloween Trend' Points To Market Upside In The Coming Months

    Calendar Trend Indicates Bullish 4 Month SPX Time Period Upcoming The old market axiom says 'Sell in May and go away' -- meaning avoid the volatile summer months and return to larger allocations in November. With the end of October (and Halloween) upon us, we took a look at the recent market performance in November and the months following.  There definitely has been a trend in place for the past 6 years (since the infamous '666' SPX market panic bottom in 2009) that active investors and traders[...]