U.S. stock futures are trading broadly higher this morning as traders prepare for a hotly anticipated Fed announcement. The target rate probability for a quarter-point rate hike currently stands at 72%, so the markets are baking in yet another increase in the Fed Funds.

Against this backdrop, futures on the Dow Jones Industrial Average are up 0.66% and S&P 500 futures are higher by 0.66%. Nasdaq-100 futures have added 0.58%.

In the options pits, put volume remained elevated even as overall volume levels fell back from Monday’s panic-induced heights. Specifically, about 18.3 million calls and 18.6 million puts changed hands on the session.

At the CBOE, the single-session equity put/call volume ratio fell back to 0.69. The 10-day moving average continued climbing to 0.75.

Here were three stocks atop the most-actives list. Oracle (NYSE:ORCL) saw renewed options interest following its earnings announcement. Boeing (NYSE:BA) benefited from a dividend boost and plans for a substantial share repurchase plan. Finally, JPMorgan (NYSE:JPM) options were hopping ahead a downgrade by Atlantic Equities.

Let’s take a closer look:

Oracle (ORCL)

Oracle stock has been dead money for eighteen months despite billions being poured into its share repurchase program. This week’s earnings release did little to change the stocks failure to launch. Indeed, after gapping 5.2% higher ORCL fell back to unchanged on the day as traders rang the register on the overnight gains.

The enterprise software behemoth inched past the Street’s earnings estimates, but the victory rang hollow. That’s because Oracle shelled out a massive $10 billion over the quarter to repurchase shares, which ultimately helped boost their earnings per share.

The price action for ORCL stock gives little fodder for discussion. It remains mired in a range with flat moving averages. Trendless, as they say.

On the options trading front, puts dominated the session. Activity swelled to 336% of the average daily volume, with 84,186 total contracts traded. Puts accounted for 63% of the day’s take.

Implied volatility experienced the typical post-earnings volatility crush by falling to 33% or the 62nd percentile of its one-year range. Premiums are pricing-in daily moves of 95 cents or 2.1%.

Boeing (BA)

Considering the carnage elsewhere, the selling in Boeing of late has been tame. Its strength was on full display yesterday as it ended well into the green even as the market rolled over. The muscle-flexing came after news that Boeing’s board of directors green-lighted a 20% increase in the company’s quarterly dividend payouts alongside a $20 billion share buyback program.

BA stock was up 3.8% on Tuesday amid heavy accumulation. The rally came just as BA was testing the lower end of its year-long trading range.

On the options trading front, calls outpaced puts throughout the day. Total activity lifted to 148% of the average daily volume, with 68,529 total contracts traded. 65% of the trading came from call options alone.

Implied volatility held steady on the day at 38% or the 75th percentile of its one-year range. Premiums are pricing in daily moves of $7.78 or 2.4%.

JPMorgan (JPM)

Bank sentiment continues to sour, and the bearish evidence in financial stocks is mounting. JPM suffered yet another failed rally yesterday as sellers piled on to the early morning strength. And now, ahead of the bell this morning the bank is being downgraded by Atlantic Equities.

With massive topping patterns now in place across the financial sectors, traders have little technical reason to get involved with JPM at these levels. Its moving averages are all now sliding lower confirming sellers are in full control of the trend on all time frames.

On the options trading front, calls won the day despite the late-day beatdown. Total activity grew to 116% of the average daily volume, with 70,370 total contracts traded. Calls accounted for 60% to the day’s take.

Implied volatility inched higher to 36% or the 100th percentile of its one-year range. Premium sellers will be happy to note we’re at the highest options prices of the year.

As of this writing, Tyler Craig didn’t hold positions in any of the aforementioned securities. Want insightful education on how to trade? Check out his trading blog, Tales of a Technician.