As low-volume-driven as it may be, the move higher in stocks over the past 10
days continues to dampen options volatility. On Wednesday, stocks climbed to
levels not seen in nearly four weeks, pushing the CBOE Market Volatility Index
down more than 7% to 30.54, which drops the VIX within shouting distance of its
still-rising 50-day moving average of 26.43. The put/call ratio was recently at
1.13, above its 50-day moving average of 1.14. Here are some of Wednesday's
notable options movers: AMR Corp. (NYSE: AMR ): Its Sep 4 calls are seeing
interest, with 11,300 contracts trading vs. open interest of 9,690, pushing
implied volatility up about 7 points to 75%. The stock was recently up 2.4% to
$3.64. JDS Uniphase (NASDAQ: JDSU ): Following rumors of a potential buyout by
Cisco (NASDAQ: CSCO ), the company's calls have seen more than 15,000 calls
traded vs. just under 3,000 puts.
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