From TheStreet.com Network

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• The Five Dumbest Things on Wall Street: Aug. 28

TheStreet.com's Jim Cramer says the demand for homes is real because they are affordable.

Sometimes the misdirection in the media's interpretation of the mortgage/foreclosure market simply drives me up a wall. Take Thursday's fret story, "Loans That Looked Easy Pose Threats to Recovery," in The New York Times. This one is played big online, much bigger than another story, "Signs of Life as Sales of New Homes Improve." The gist of the big story? Option rate ARMs are going to crimp anything good that could happen from the housing recovery.

But you know what? The amazing thing here is the number of option ARMs that they say we are in trouble on: 500,000 homes. Sorry, I know that number is meant to scare people, but it is truly small, especially when you consider that 17 million homes traded during the period from 2005 to the first quarter of 2007, when the reckless lending set in. Given the charges we have taken in the banking system, the reserves we have, the bottom in housing and the robust market we have -- and it isn't just for first-time homebuyers, and it isn't just for low-dollar homes, despite the impressions made by the media -- you have to take this worry and throw it out.

The Cooper Companies, Inc. (NYSE: COO) implied volatility elevated into September 6th earnings per share:

COO develops, manufactures, and markets healthcare products through two businesses units: CooperVision and CooperSurgical. COO will report earnings per share (EPS) on Septebmer 6th. Thomson First Call expects EPS of 70 cents. COO September option implied volatility option is at 58; October is at 44; November is at 38, above its 26-week average of 31 according to Track Data, suggesting larger near term risks.

J Crew Group, Inc. (NYSE: JCG) put volume and implied volatility aggressive into earnings per share announcement:

JCG, a multi-channel retailer of men's, women's, and children's apparel, shoes, and accessories through 185 retail stores and 53 factory stores, was recently down $1.95 to $48.77. JCG will report its EPS after the close tonight. JCG call option volume of 1,879 contracts compares to put volume of 3,479 contracts. JCG September option implied volatility of 80 was above its 26-week average of 40 according to Track Data, suggesting larger price risk.

Volatility Index for the NASDAQ 100

VXN was up 3.04 to 27.55; the 10-day moving average was 23.88 according to Track Data.

Daily options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.