U.S. stock futures are trading higher this morning. The gains come as traders gear up for tonight’s State of the Union Address from the President.
Ahead of the bell, futures on the Dow Jones Industrial Average are up 0.39% and S&P 500 futures are higher by 0.21%. Nasdaq-100 futures have added 0.41%.
In the options pits, the utter lack of any panic whatsoever drove put demand into the ground. On a broader note, overall volume levels came up well short of average. Specifically, only 15.6 million calls and 12.6 million puts changed hands on the session.
There was little change at the CBOE, where the single-session equity put/call volume ratio stayed pat at 0.6. The 10-day moving average also held its ground at 0.63.
Call options dominated among today’s crop of notables. Aurora Cannabis (NYSE:ACB) saw renewed options interest amid continued excitement over marijuana stocks. Roku (NASDAQ:ROKU) soared as much as 12% on a positive news report. Finally, Apple (NASDAQ:AAPL) added to its post-earnings gains with a solid 2.8% bump.
Let’s take a closer look:
Aurora Cannabis (ACB)
Marijuana stocks have been making frequent appearances atop the most-actives list this year. The groundswell in activity shouldn’t be surprising given the industry’s meteoric rise in 2019. On Monday, one of the smaller companies in the space made a rare showing on our list: Aurora Cannabis.
The news was light on Monday, so I’m chalking up the elevated activity as a technical driven event. ACB stock scored a price breakout to a new three-month high. The 8.6% rally was accompanied by huge volume. In fact, the 67.58 million shares that changed hands marks the largest volume session for ACB in history.
On the options trading front, traders came after calls with a vengeance. Activity swelled to 445% of