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Options Update: Financial Select Sector and PHLX Bank Index volatility stays elevated

Financial Select Sector (NYSE: XLF) closed $9.48. XLF top holding in the fund are JPM, WFC, BAC, GS, USB, C, MET, TRV and AXP. XLF April call implied volatility is at 95, puts are at 75; above its 26-week average of 66, according to Track Data, suggesting larger price movement.

PHLX Bank Index (NYSE: BKX) a capitalization-weighted index composed of 24 geographically diverse banks, closed at $30.88. BKX April option implied volatility is at 100; May is at 93 according to Track Data, suggesting large price movement.

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

Options Update: Bank of America volatility at 198; receives second bailout

Bank of America (NYSE: BAC) is recently trading at $9.30 in pre-open trading, above its close of $8.32. The U.S. government disclosed it has agreed to provide BAC with an additional $20 billion in capital and backstop losses on up to $118 billion in assets. The term sheet limits BAC's dividend to 1 cent per share, per quarter for three years. BAC February option implied volatility of 198 is above its 26-week average of 88, according to Track Data, suggesting large price movement.

Financial Select Sector (NYSE: XLF) closed at $9.98. XLF February option implied volatility of 90 is above its 26-week average of 58, according to Track Data, suggesting larger price fluctuations.

PHLX Bank Index -- BKX, a capitalization-weighted index composed of 24 geographically diverse banks, closed at $32.92. BKX February option implied volatility of 97 is above a level of 87 on January 14 according to Track Data, suggesting large price movement.

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

Symbol Lookup
IndexesChangePrice
DJIA+30.6910,464.40
NASDAQ+6.872,176.05
S&P 500+4.981,110.63

Last updated: November 26, 2009: 07:15 PM

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