Dow Jones Industrial Average Bounces Back In a Big Way

Sell in May? Not Today. Dow, Biotech Come Back Swinging

May 1, 2015 at 11:40 AM
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After yesterday's drubbing, the Dow Jones Industrial Average (DJIA) came out swinging this morning. At last check, Verizon Communications Inc. (NYSE:VZ), Chevron Corporation (NYSE:CVX), and Visa Inc (NYSE:V) are the lone blue chips in the red -- the latter two after reporting earnings. On the flip side, Intel Corporation (NASDAQ:INTC) is pacing the bullish majority, as tech and drugmakers fight back. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) are also paring some of yesterday's deficit, as traders are seemingly shrugging off uninspiring reports on construction spending and manufacturing.

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Among the stocks with notable call activity is Eli Lilly and Co (NYSE:LLY), which is 1.5% higher at $72.95, amid apparent takeover chatter. Calls are trading at nine times the average intraday pace, and have outnumbered puts by roughly 10-to-1. It looks like speculators are buying to open weekly 5/1 73- and 73.50-strike calls, to gamble on more upside by the close today, when the options expire.


One of the top gainers on the Nasdaq is Olympic Steel, Inc. (NASDAQ:ZEUS). The shares were last seen 22.7% higher at $13.44, after the company reported a surprise first-quarter profit.


On the flip side, one of the biggest losers on the Nasdaq is Insulet Corporation (NASDAQ:PODD). The stock is down 15.4% at $25.27, and earlier touched a new annual low of $24.95, after the company confessed to a steeper-than-expected first-quarter loss. This is PODD's second big-time post-earnings bear gap of 2015.




The CBOE Volatility Index (VIX) is down 1 point, or 6.9%, at 13.54, ending its short-lived stint north of 14. For the week, however, the "fear gauge" is on pace to end more than 8% higher.


Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.98, with puts nearly doubling calls. At last check, SPY is up 1.1 points, or 0.5%, at $209.60.



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