Does Zero Growth Mean Zero Trading?

  • January 25, 2001
  • Jon Najarian

“Near
zero growth.” Those were the exact words delivered just over an
hour ago (11:30 am CST) by Fed Chairman Greenspan to describe the US economy.
Those words and the rest of his testimony before the Senate banking committee
have bond traders thinking a half-basis-point cut by the Fed is indeed more likely
now than it was before his deposition.

Nonetheless, the Chairman’s statements have
not been enough to overcome some of the bad news from companies such as Corning
Inc.
(
GLW |
Quote |
Chart |
News |
PowerRating) and JDS Uniphase
(
JDSU |
Quote |
Chart |
News |
PowerRating).
Those two stocks have been hammered throughout today’s trading session and
have kept the market on its heels.

Overall, there is very little action in either the stock or options market that
would prompt any of us to establish new, or add to existing positions. We
anticipate the markets will remain somewhat dull until the Federal Reserve
governors actually show us something (to borrow from the NFL), at next Tuesday
or Wednesday’s meetings. The volatilities for Nasdaq and listed stocks will
likewise remain in a holding pattern, smack in the middle of an overconfident /
overly fearful range.

Real-Time
Volatility Matrix

1/25/2001 12:09 CT
Symbol

 Description

Volatility

Index
BHH B2B
HOLDRs		 117.44
HHH Internet
HOLDRs		 76.74
BDH Broadband
HOLDRs		 72.94
SOX Semiconductor
Index		 68.77
SMH Semiconductor
HOLDRs		 67.52
QQQ NASDAQ-100
Tracking Stock		 61.33
BBH Biotech
HOLDRs		 61.56
MNX Mini
NASDAQ-100 Index		 61.32
NDX NASDAQ-100
Index		 60.23
OSX Oil
Service Index		 57.16
BKX Banking
Index		 34.29
RUT Russell
2000 Index		 29.81
OEX Standard
& Poor’s 100 Index		 25.15
SPX Standard
& Poor’s 500 Index		 23.16
DJX Dow
Jones Industrial Index		 21.02

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Bearish Action:

Real-Time
Highest Dollar Weighted Put/Call Ratios

1/25/2001
13:27 CT

Symbol

Call

Volume

Put

Volume

$W

Call Vol

$W

Put Vol

P/C

Ratio

$W

P/C Ratio

Total

Volume

$W Total

Volume
SPX 11,086 17,945 482,197 451,653 1.62 0.94 29,031 933,850
MNX 2,254 16,173 27,925 202,006 7.18 7.23 18,427 229,931
MSFT 34,608 23,290 162,818 154,188 0.67 0.95 57,898 317,006
EMC 6,059 16,376 75,275 116,428 2.7 1.55 22,435 191,703
QQQ 18,427 26,460 60,654 73,920 1.44 1.22 44,887 134,574
CMRC 3,688 2,275 19,990 67,330 0.62 3.37 5,963 87,320
GLW 14,517 12,646 68,346 64,100 0.87 0.94 27,163 132,446
JDSU 16,446 9,382 80,075 44,554 0.57 0.56 25,828 124,629
INTC 16,101 15,745 61,588 44,404 0.98 0.72 31,846 105,992
CSCO 18,671 13,401 62,696 42,414 0.72 0.68 32,072 105,110
MER 4,593 9,224 13,195 41,211 2.01 3.12 13,817 19,261
IBM 4,073 5,645 23,010 33,390 1.39 1.45 9,718 56,400
PMCS 4,572 3,324 26,945 30,330 0.73 1.13 7,896 57,275
NOK 7,210 4,027 29,485 29,494 0.56 1 11,237 58,979
QCOM 7,756 3,629 50,637 25,540 0.47 0.5 11,385 76,177

1010WallStreet.com
has licensed the use of Hamzei Analytics LLC proprietary options analytics

Bullish Action:

Symbol Call

Volume

 Put

Volume

 $W

Call Vol

 $W

Put Vol

 P/C

Ratio

 $W

P/C Ratio

 Total

Volume

 $W
Total

Volume
FBF 1,353 43 5,747 43 0.03 0.01 1,396 5,790
BK 233 5 600 6 0.02 0.01 238 606
LSCC 1,103 10 1,700 26 0.01 0.02 1,113 1,726
CFLO 223 8 899 15 0.04 0.02 231 914
FDX 399 19 929 18 0.05 0.02 418 947
APCC 3,375 142 8,164 202 0.04 0.02 3,517 8,366
CAM 57 3 444 13 0.05 0.03 60 457
ONE 800 63 2,055 64 0.08 0.03 863 2,119
GLM 878 63 2,115 100 0.07 0.05 941 2,215
NDX 2,490 696 505,396 26,105 0.28 0.05 3,186 531,501
SMH 300 20 1,395 78 0.07 0.06 320 1,473
GMST 1,179 38 4,926 314 0.03 0.06 1,217 5,240
XLNX 2,656 225 12,933 831 0.08 0.06 2,881 13,764
DIS 750 46 1,164 91 0.06 0.08 796 1,255
AA 1,085 102 2,398 198 0.09 0.08 1,187 2,596
IWOV 435 86 1,787 148 0.2 0.08 521 1,935
CHIR 370 68 1,764 165 0.18 0.09 438 1,929
MEDI 564 66 1,598 154 0.12 0.1 630 1,752
MRK 7,158 986 31,027 2,991 0.14 0.1 8,144 32,361
DNA 1,673 118 4,899 486 0.07 0.1 1,791 5,385
WMT 2,004 245 4,671 464 0.12 0.1 2,249 5,135
NXTL 1,227 152 6,336 652 0.12 0.1 1,379 6,988
RMBS 2,910 481 36,124 3,769 0.17 0.1 3,391 39,89

1010WallStreet.com
has licensed the use of Hamzei Analytics LLC proprietary options analytics