Dow Jones Industrial Average Wobbles After New Record

The Dow Jones Industrial Average (INDEXDJX:DJI) is slightly higher as trading volume remains tepid

Nov 11, 2014 at 12:03 PM
facebook X logo linkedin


The Dow Jones Industrial Average (INDEXDJX:DJI) is just barely higher at midday, up 6 points at 17,619.94, after earlier touching a new record high of 17,638.21. With government offices closed in honor of Veterans Day, there are no major data points to set the tone -- and trading volume is relatively thin across the Nasdaq and New York Stock Exchanges. In fact, the big story today is Alibaba Group Holding Ltd (NYSE:BABA), as single people in China celebrate "Singles Day," a holiday that has morphed into the largest online shopping event of the year. However, it seems that traders who bought the Singles Day buzz on Monday are now selling on the news, as yesterday's 4% BABA rally has been almost completely erased.

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

  • Surging volatility expectations ahead of earnings from a beaten-down department store name.
  • An update on the solar stock getting slammed after an earnings disappointment.
  • 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

Among the stocks with notable options volume is J C Penney Company Inc (NYSE:JCP), as speculators look ahead to Wednesday night's earnings report. Puts and calls are both trading at twice the average intraday pace, and 30-day at-the-money implied volatility on JCP has jumped 1.3% to 73.8% -- in the elevated 78th percentile of its annual range. In fact, options on the retailer are pricing in a roughly 19% post-earnings move. This wouldn't be out of the question for JCP, which popped 16.2% after its May report, and 25.3% following its February earnings. At last check, JCP is down 1.3% at $7.13.

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

Zynga Inc (NASDAQ:ZNGA) is among the big Nasdaq gainers this afternoon, rallying more than 6% to $2.65 after a bullish nod from Jefferies. ZNGA is now testing resistance at its 50-day moving average, which has kept a tight lid on the stock's progress in recent sessions.

ZNGA since Sept. 15, 2014, with 50-Day Moving Average

Meanwhile, Vivint Solar Inc (NYSE:VSLR) is pacing the decliners over on the Big Board, tanking more than 22% to $11.48 in the wake of a massive earnings miss. As a result, the stock is now set to close beneath its 10-day moving average for the first time since Oct. 16.

The CBOE Volatility Index (VIX) is fractionally higher, up 0.2 point, or 1.4%, at 12.85. Mirroring the action in the major equity indexes, the VIX has spent time on both sides of breakeven today, but it's been a relatively quiet inside day for the "fear index."

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.13, with puts holding a narrow edge over calls. Like the S&P 500 Index (SPX), which peaked at a new record of 2,041.28 earlier, SPY tagged a new personal best of $204.31 in today's session. Currently, though, SPY is just 2 pennies higher on the day at $204.00.

 

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