The fiscal cliff negotiation dominates the trading landscape. How investors perceive the probable outcome of this negotiation will outweigh retail sales, PPI, CPI, Empire Manufacturing, initial claims, Philadelphia Fed, and industrial production data to be reported this week. The Fed will also release its October FOMC meeting minutes.
In Canadian Pacific (CP) there was a buyer of 1500 Dec 90 calls. This was 10x the normal volume and implied volatility is up roughly 2 points to about 24%. The company is hosting an analyst day on December 4. In Dynavax Technologies (DVAX), there was a buyer of 7,000 Nov 5 calls. On November 15, there is a Vaccines and Related Blood Products Advisory Committee meeting. In Hess Corporation (HES), there was 8x the normal volume with roughly 90,000 Dec 50 puts and Jan 47.5 and 52.5 puts being bought collectively. HES is presenting at a Bank of America conference today.