Your intraday options trading update.

The market is seeing a bit of a decline as earnings reports trail off a little. This is evidenced by the move up in the CBOE Volatility Index (CBOE: VIX) after consistent downward trend for several weeks.

“Prices have been elevated. Now, volatility across sectors is slightly firmed up,” said Roy Briggs with the Stutland Volatility Group. “When that occurs, there’s caution in the market.”

The VIX is trading over 17 today, after rising yesterday. “The activity in VIX is an indicator that the market was subdued but volatility is firming up,” said Briggs.

 

High Options Volume by Strike

Several equity options very busy, stealing thunder from the indices that typically top this space.

Intel (NASDAQ: INTC) options active with the INTC May112 21 Call trading 664,937 contracts, up .26 to 2.16. The May11 20 Call trading 609,074 contracts, up .20 to 3.13. New Apple (NASDAQ: AAPL) iMAC will use Intel quad-core processors. Or is that dual hemi quad overheads?

Nokia Corp. (NYSE: NOK) also seeing volume in three strikes; the NOK may 11 9 Call trades 594,688 contracts, up .08 to .35. Meanwhile NOK May11 8 Call and the NOK Jul11 8 Call each trade more than 325,000 contracts. Reports are that Chairman Jorma Ollila plans to step down.

FirstEnergy (NYSE: FE) May11 37 Call trades 133,424 contracts, up 2.12 to 4.90. Earnings drop to .15 a share from .51 a share but rumors that Duke Energy (NYSE: DUK) seeks to acquire Progress Energy (NYSE: PGN) has the utility group in an uproar. Comes on the heels of takeovers in the coal sector.

 

Major Stock Trading Volume Movers

Arca BioPharma (NASDAQ: ABIO) signs deal with giant Novartis, with Novartis gaining right to patent of to “undisclosed molecular target.”  ABIO trades 6.6 million shares and is up .34 to 2.22.

BioScrip (NASDAQ: BIOS) reports first quarter profit and jump in revenue. BIOS trades 2.5 million shares as stock rises 1.41 to 5.93.

Find more option analysis and trading ideas at Options Trading Strategies.

Stocks/Underlying – Big Daily Change in Option Volume

First Energy trades so far today 267,000 options, up nearly 16,000%. Earnings report was weak but takeover rumors swirling in the energy/utility sector.

Nokia also rocking here, with 1.2 million options traded as stock rises .10 to 9.34. 13.6 million shares trade. Chairman of troubled phone maker plans to step down, says Reuters.

GlaxoSmithKline (NYSE: GSK) trades 68,876 options, a massive rise as stock drops .07 to 43.55. GSK hit a 52-week high today, then sold off. Goes ex-dividend tomorrow.

 

Stocks/Underlying – High Option Volume

Intel and Nokia seeing great options volume. INTC trades about 1.8 million contracts while NOK trades 1.2 million.

SPDR S&P 500 ETF (NYSE: SPY) trades a measly 1 million as it drops .99 to 135.23. S&P 500 Index Options (CBOE: SPX) sees 334,526 options traded on the index as it drops 9.95 to 1351.27.

The iShares Silver Trust (NYSE: SLV) trades 879,993 options, as SLV continues its drop to 40.64, down 2.19.

About 184,000 options on the CBOE Volatility Index (CBOE: VIX) trade as it rises to 17.13.

 

Burney Simpson is the managing editor of InvestorPlace options pages.