On October 19, 1987, the DJIA dropped by about 22%. Today is the 25th anniversary of this date. CNBC is making a point to highlighting this fact which certainly is not a comforting reminder of how volatile the market can be.
The S&P 500 has been trading in a tight range of 1430 to 1470 for the past six weeks. Weak earnings are being offset by Fed easing. The Fed made its QE3 announcement on September 13 with the S&P 500 trading at 1435 low to 1463 high.
In options, we saw increased call volume in Dish (DISH) for a second day as investors appear to be speculating on the outcome of the DISH vs. VOOM trial. The majority of the bullish call buying in the out months was in the November and January 35 calls. We saw bullish call volume in Juniper Networks (JNPR). There is chatter that EMC may acquire JNPR. Opening investors purchased 10,000 Nov 20 calls.