Dow Jones Industrial Average Adds 140 Points on Visa Boost

The Dow Jones Industrial Average (INDEXDJX:DJI) is catching a big earnings lift

Oct 30, 2014 at 11:52 AM
facebook twitter linkedin

The Dow Jones Industrial Average (INDEXDJX:DJI) wobbled out of the gate this morning, as traders weighed a stronger-than-forecast rise in third-quarter gross domestic product (GDP) against a higher-than-expected jobless number. However, a post-earnings surge from Dow component Visa Inc (NYSE:V) quickly pulled the index higher, with the credit card giant's 9% rally more than offsetting a disappointing day for blue-chip semiconductor stock Intel Corporation (NASDAQ:INTC). At last look, the Dow has jumped 140 points, while the S&P 500 Index (SPX) is just 3.7 points higher.

Continue reading for more on today's market, including:

  • How Ebola fears stoked one stock's 38% surge.
  • The mobile game developer that's free-falling after earnings.
  • Plus ... Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

Midday Market Stats

Across the 12 major options exchanges, traders are favoring calls over puts. Among the stocks with notable call volume is Facebook Inc (NASDAQ:FB), as weekly options traders bet on the social networking stock to rebound from its recent slump by Friday's close. FB is currently down 2.7% at $73.82.

For more midday statistics and stocks on the move, head to page 2.

One of the top Nasdaq gainers today is Lakeland Industries, Inc. (NASDAQ:LAKE). The stock is up 38% at $16.03, as the Ebola crisis drives surging demand for its protective suits. LAKE is attempting to reclaim a foothold above its 20-day moving average, though the $16 region could continue to cap the stock.

LAKE since Sept. 9, 2014, with 20-Day Moving Average

On the other hand, Glu Mobile Inc. (NASDAQ:GLUU) is a notable Nasdaq laggard at midday -- down 17% at $3.74 -- after analysts panned the game developer's disappointing fourth-quarter forecast. As a result of today's plunge, GLUU is currently down more than 3% year-to-date, and is back below the $4 level. This chart region has acted as both support and resistance in 2014, and could now resume its role as a technical ceiling.

It's been a relatively quiet inside day so far for the CBOE Volatility Index (VIX), which is down 0.4 point, or 2.5%, to 14.77. The VIX has spent the past several days churning between 14 and 16, with the 15.50 level representing a half-high from its Oct. 15 peak.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.53. However, put volume on SPY is relatively tame at mid-session, with the approximately 377,000 contracts traded representing only 36% of the expected intraday activity. SPY is up 0.3% at last check to trade at $198.65.


Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 



Special Offers from Schaeffer's Trading Partners