Relative strength in the brokerage sector continues. The iShares Broker/Dealer Index Fund (IAI) is up $1.29 to $32.66 and up 15.7 percent from its record low set Tuesday. The IAI tracks the share price performance of 31 online and traditional brokerage companies. Merrill (MER) is seeing active trading ahead of an earnings report due out after the closing bell (more on that later). MER is up $30.40. Lehman (LEH) implied volatility is falling for a second day. With shares up $1.60 to $18.25, implied volatility in the August 17.5 puts is 170 percent–still elevated, but substantially lower than at the start of the week. Ameritrade (AMTD) is helping as well. Shares are up $1.20 to $19.83 on positive earnings news.
Category: All ETFs
About the Author (Author Profile)
Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.