Despite positive developments out of the euro zone, the Dow Jones Industrial Average (DJI – 12,821.85) is 15 points, or 0.1%, lower, as investors wait with bated breath to see if the Fed will announce plans for further economic stimulus later today. Elsewhere, the CBOE Market Volatility Index (VIX – 18.91) is up 0.5 point, or 2.9%.
Here are a few noteworthy stats at midday:
- The equity put/call volume ratio across all nine options exchanges stands at 1.03, with 2.4 million puts changing hands so far today, compared to 2.3 million calls.
- Among the equities with put-skewed activity is The Procter Gamble Company (current-quarter guidance. – 60.16), which has shed about 3.3% so far today. The consumer products giant was slapped with price-target cuts at BMO and Bernstein after lowering its
- The put/call volume ratio on the iPath SP 500 VIX Short-Term Futures ETN (VXX) stands at 0.73, with calls comfortably outnumbering puts.
- The Nasdaq shows an advance/decline ratio of 0.92, indicating that the number of downward movers slightly outstrips the advancers.
- Among the Nasdaq’s major decliners is Acme Packet, Inc. ( – 20.63), which has lost about 5.8% in intraday action — tagging a new multi-year low of $20.21. The software issue was downgraded to “hold” from “buy” and had its price target lowered to $21 from $40 at Jefferies early this morning.
- Bullish sentiment was unchanged last week, according to the latest Investors Intelligence survey. The percentage of financial advisors with a bullish view on stocks remained flat at 37.2%, while the percentage bearish slipped to 25.6% from 26.6%. Meanwhile, the percentage of investors expecting a market correction climbed to 37.2% from 36.2%.
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