AMAT Puts Jump; Market Slides

Stocks remain stuck in the red Thursday, as buyers have moved to the
sidelines ahead of Friday’s jobs report. Banks and integrated oils are the top
sectors while semiconductors and technology are the weakest.

At mid-day, the VIX is up .51 to 23.27.

The OEX 810 calls are down 1/4 to 3 3/4.

Among bigger movers on heavier-than-average volume:

Semiconductors are under pressure, and that has helped drive Applied
Materials
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down 6 3/4 to 65 13/16. The AMAT August 70 puts are down 6
3/4 to 65 13/16 on more than 8000 contracts.

Gap Stores
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is down 1 7/8 to 30 3/16 after issuing an earnings
warning. The Gap September 30 puts are up 1 11/16 to 2 1/8 on quadruple average
volume.

Banks are posting solid gains and are being helped by Wells Fargo
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which is up 1 1/4 to 42 11/16. The Wells Fargo August 40 calls have gained 1 to
3 1/8 on quadruple average volume.

Cisco
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is avoiding the tech selloff and is up 1 1/8 to 62 1/16
while the Cisco August 60 calls are up 5/8 to 4 7/8 on more than 16,000
contracts.

Looking ahead, traders will be watching Friday’s employment report closely
when it is released at 8:30 AM ET.