20 Stocks That Defied the S&P's Opening Week Struggles

Range Resources Corp. (RRC) and EQT Corporation (EQT) were among the top SPX stocks last week

Jan 11, 2016 at 1:27 PM
facebook X logo linkedin


Stocks performed very badly last week. The S&P 500 Index (SPX), in particular, had its worst-ever five-day stretch to kick off a year, losing 5.9%. That's not to say every stock did poorly. In fact, a pair of oil names fared quite well -- specifically, Range Resources Corp. (NYSE:RRC) and EQT Corporation (NYSE:EQT).

RRC ended 2016's opening week on a gain of 4.6%, making it the third best performer on the SPX, behind only Time Warner Inc (NYSE:TWX) and FLIR Systems, Inc. (NASDAQ:FLIR). From a longer-term perspective, this uptick is unusual. In 2015, RRC shares surrendered over half their value. Today, in fact, the stock is down 3.1% at $24.96 after receiving a weekend price-target cut to $36 from $39 at Susquehanna.

From the looks of it, option traders are holding out for more gains from Range Resources Corp. During the last two weeks at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have bought to open over 20 calls for each put. The resultant call/put volume ratio of 20.53 ranks in the top quartile of all readings from the past year.

Another oil stock that had an unusually strong first week of the year was EQT, which advanced 4.5%. As with its sector peer, the equity is giving back some of those gains today, down 3.6% at $52.51. 2015 was brutal for the shares, too, as they sank 31%.

Not surprisingly, option traders have taken a glass-half-empty approach when it comes to EQT Corporation. The stock's 50-day ISE/CBOE/PHLX put/call volume ratio of 2.91 registers just 5 percentage points shy of a 52-week peak. In other words, traders have been buying to open puts over calls at an accelerated clip in recent months.

For a full list of the stocks that had the best opening weeks of 2016, see the chart below. Data comes courtesy of Schaeffer's Senior Quantitative Analyst Rocky White:

160111marketbeaters

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI