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Traders Brew Up Some Heavy Volume

Volume has been heavier in the last two days due to quadruple witching expiration.

It's been an odd expiration: there's been volume, but not a lot of volatility from the indices. They have gone up, but not in any notable way.

Some have noted that several big names had notable moves this week: Dow Chemical, IBM, CarMax, Macy's , and our parent General Electric. But even here, many of these names had only one really strong day.

There has been speculation of a "quant unwind," where many traders who were long "quality" names and short "less quality" names have unwound that trade.

Elsewhere:

1) Toll Brothers and KB Home rise 3 percent following an upgrade at JPMorgan. While it raises the two homebuilders to "overweight," JPMorgan is also more optimistic on the entire housing sector. It believes that homebuilders "will continue to recover and drive further upside to (their) current rally." Furthermore, it expects that housing is "solidly past its trough."

2) Consumer product maker Procter & Gamble is up 2 percent after being upgraded to "buy" at Citigroup. In its research report, Citigroup sees investors warming up to the company "readying itself to become more aggressive in order to win back lost market share."

3) Barclays lifts its Q1 2010 U.S. GDP forecast to 5 percent, but then sees growth "settling into a more sustainable, but still above-trend, pace." Additionally, Barclays sees Fed funds rates remaining stable until an expected rise in Q3 2010.

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