NaughtyPines

WEEK OF 9/25: IV REMAINS IN GOLD, MINING, PETRO SECTORS

AMEX:GDX   VANECK VECTORS GOLD MINERS ETF
56 0 3
While broad market implied volatility has basically been absent (we had one VIX             pop to ~20 on 9/12, after which it has receded dramatically), it has remained in the same place as it has for the past several weeks -- in gold             , mining, and oil             and gas, with a smattering of high IV in individual biotech issues.

Here are the top high IV stock and ETF options as of Friday close, screened for good liquidity:

NVAX             (biotech) (134.9%)
VRX             (biotech) (80.0%)
GPRO             ("gadgets") (80.0%)
WLL             ( oil             and gas) (79.9%)
CHK             ( oil             and gas) (79.4%)
CLF             (mining) (73.1%)
AG ( silver             miner) (70.8%)
AMD             (semicon) (68.9%)
TWTR             (66.5%) (M&A rumor)
ESV             ( oil             and gas) (65.2%)

GDX             ( gold             miner ETF ) (42.8%)
XME             (mining ETF ) (37.6%)
XOP             ( oil             and gas ETF ) (36.9%)

In comparison, SPY             implied volatility currently stands at 13.1%; DIA             , 13.2%; QQQ             , 14.7%; and IWM             , 17.7%.

Unfortunately, this makes selling premium a touch frustrating here (at least for me), since I'm already in NVAX             , CHK             , WLL             , CLF             , AG, AMD             , and GDX             , and there is some correlation between GDX             and XME             , so I don't necessarily want to pile into more individual miners -- whether they be gold             , silver             , or otherwise. Additionally, I think my "petro boat" is fairly full here, too.

At least for me, it's probably a bit of hand-sitting (although I could "dabble" with GPRO             or VRX             ) until something pops to the forefront ... . In any event, can't hurt to have dry powder running into these "little elections."

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