Dow Jones Industrial Average Jumps on Overseas Optimism

Dow Skyrockets; Plus, 3 Stocks Riding the Greek Optimism

Jul 10, 2015 at 12:00 PM

The Dow Jones Industrial Average (DJIA) is ripping higher at midday -- and has closed its week-to-date deficit -- as Chinese stocks staged another impressive rally. Further adding to the bullish bias is optimism over Greece's recently submitted debt proposal, which Eurogroup President Jeroen Dijsselbloem described as "thorough." The Greek parliament is expected to vote on the deal today, ahead of Sunday's deadline with creditors. Finally, on the domestic front, wholesale inventories rose at their briskest clip in six months, oil and the dollar are lower, and traders are awaiting a speech from Fed Chair Janet Yellen.

Continue reading for more on today's market -- and don't miss:

This cloud security concern has taken a nasty spill on earnings, while a management shake-up has one prominent Internet stock flirting with lows.
3 stocks riding the Greek optimism, and 2 mid-caps attracting attention in the options pits.
Plus ... Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

150710mmc

Among the stocks with notable call volume is software firm Autodesk, Inc. (NASDAQ:ADSK), where the contracts are running at 17 times the normal intraday rate. According to Trade-Alert, traders are buying to open the stock's out-of-the-money July 52.50 and 55 calls. At last check, ADSK has tacked on 0.1% at $52.51.

One of the top advancers on the Big Board is Yingli Green Energy Hold. Co. Ltd. (ADR) (NYSE:YGE), which up 11% at $1.01 -- but still down 57% year-to-date. The shares are busting out amid a rally in China stocks, as well as news that YGE will supply a total of 240 megawatts of solar panels to a pair of Chilean power plants.

150710yge

One of the top losers on the Big Board is Arch Coal Inc (NYSE:ACI), which has plunged 15% to trade at $0.27 -- an all-time low. In fact, a number of coal producers are taking it on the chin, as Roman Catholic shareholders are dumping conventional energy stocks amid Pope Francis' call for an end to fossil fuel use.

The CBOE Volatility Index (VIX) is off 3.07 points, or 15.4%, at 16.90.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.49, with puts outweighing calls. At last check, SPY has added 2.7 points, or 1.3%, to trade at $207.58.

Follow @Schaeffers

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!