By Eli, Melody
Morgan Stanley economists don't anticipate any substantive policy actions at the Dec 15-16 meeting. They still don't expect any extension of the weighted average maturity of UST purchases (market now only assigning a 10-15% probability of this occurring given positive vaccine developments and fiscal support).
However, the Fed likely provides forward guidance on its asset purchase program to qualitatively articulate the macro conditions necessary to taper. The language will replace the "over coming months" guidance and offer the Fed more flexibility on the timing of tapering as the economic outlook evolves.
Options with increasing option implied volatility:
IPOC DBX GHIV NKE GNUS LMND SNOW RIOT SBE AMRN CLVS SRPT HUYA ATUS ARKK DBX SWI
Options with decreasing option implied volatility:
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Increasing option volume:
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Increasing unusual call option volume:
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Increasing unusual put option volume:
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Notable bettings toward broader market indices ETF on 12/14
Market-wide option volume of 33.6m contracts was in line with recent average levels, with calls leading puts 17 to 10. Index and ETF products saw relatively heavy volume, while single stock flow was moderate.
Individuals breakdown by sectors (12/14 notable bets)
Most active sectors included Telecommunications, Health Care and Consumer Services while Consumer Goods and Utilities were relatively light. Of the 3,662 stocks with listed options, 1,439 (39%) closed higher, and 2,049 (56%) lower. Among the 500 most liquid single stocks, 30day implied volatility was lower for 305 and higher for 154. Unusual total option volume was observed in $Walt Disney Company(DIS.US)$, $AMC Entertainment Holdings Inc(AMC.US)$, $Dropbox Inc(DBX.US)$, $Gap Inc(GPS.US)$ and $AstraZeneca PLC(AZN.US)$.
Tech
Industrial
Consumer Cyclical
Financial
Communication Services
Healthcare
Energy
Real Estate
Basic Materials
Consumer Defensive
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