Stocks had an impressive rally today which means, of course, that stock options had an even better day. You didn't have to be long late Friday to participate in this rally either... although it didn't hurt to already be positioned for upside.
Two trades I posted in the om private twitter feed this morning moved over 100% each before the day was done.
$TWTR spiked higher out of the gate this morning and continued to rally into the close moving over $2.50 from Friday's lows. A tremendously impressive move for a stock that finally had enough of all the selling and negativity.
There were a host of other huge swings in the option market, as well as some very unusual action. For instance
U.S. equities rebounded with gains in Asia and Europe after disastrous Chinese trade data became an opportunity to pray for more state intervention in China. Bershire Hathaway also agreed to buy Precision Castparts for $37.2 B, which boosted the latter's shares by 20%, while Berkshire's value sank less than 1%. Chinese shares rebounded following a steep drop, as the Shenzhen gained 4.5% and the Shanghai Comp gained 4.9%, while Japan's Nikkei 225 finished 0.4% higher. In Europe, the Euro Stoxx 50 is 0.6% higher, though the UK FTSE is 0.75% lower. The Dow is 60-points firmer, S&P gained 8-points and NASDAQ is up 18-points ahead of the opening gong. Only the Fed's LMCI is on tap, with Fed's Lockhart to speak later
This Mornings Reads:
Monday Morning Market Video