It’s a slow start to the new trading month. Stock index futures ticked higher overnight, but couldn’t gather any real momentum and a round of weak data (construction spending, ISM Index, personal spending) quashed any morning rally attempts on the Street.
The S&P 500 has been in and out of positive territory throughout the choppy session. After giving up 63 points in January, the index clings to a 3-point gain.
With an hour left to trade, CBOE Volatility Index (VIX) is up .33 to 21.30 and well off session highs of 22.81.
Volume is LIGHT. Roughly 5.9 million calls and 5.6 million puts traded across the exchanges. Projected volume for the session is just 13.4 million and second lightest so far in 2015.
Feb 195 and 198 puts on the SPDR 500 Trust (SPY) are among the most actives, as some managers are likely looking for some short-term portfolio protection ahead of this week’s busy economic and earnings calendars. February options expire in 18 days.
Sprint (S) Feb 4 puts are drawing interest ahead of a Feb 5 earnings report. 10,000 traded at that strike. Bearish action is also being see in Spectra Energy (SE), VALE, and Powershares QQQ (QQQ). Bulls ae active in Disney (DIS), Cameron (CAM), and American Airlines (AAL).
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