The market does not like uncertainty.  The national polls show a close race between Obama and Romney.  Hopefully post Tuesday, there will be a decisive winner and a reduction of uncertainty.  The first course of business should be to address the fiscal cliff.  With uncertainty in decline, some course of action on the fiscal cliff and the bullish season having begun (Oct 28 – May 5), there is a good chance the market could stabilize and migrate higher into year end.

In JetBlue Airways (JLBU), there was an opening buyer of the 6 strike calls with Dec, Jan and Mar expirations approximately 16,000x.  52 week at-the-money implied volatility is at a low.  This trade was 19x normal volume.  On November 2, the company reported that operations had been fully restored at airports impacted by Hurricane Sandy but Q4 Sandy impact will be material.  The company is expected to report earnings on January 24.  Most likely in a play on Sandy, there was put buying in Sysco (SYY) in the Nov 31 line 3,500x.  SYY is a restaurant supplier that reported in-line revenues this morning.  In Guess?, Inc. (GES), there was a buyer of the Mar 26 calls 7,000x.  The options volume was 11x normal.  The stock is short sale restricted and trading at a 52 week low.  It appears short-sellers are hedging their bets in fear of a stock bounce.

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