Dow Jones Industrial Average Runs Out of Steam; All Eyes on Apple

Why the S&P's September Returns Are Crucial; Plus, 3 Apple Suppliers to Watch

Sep 9, 2015 at 11:53 AM
facebook twitter linkedin


big pop at the open has been erased, with the Dow Jones Industrial Average (DJIA) falling into the red -- and failing to join its counterparts on the other side of the correction line. This morning's initial price action was buoyed by a sharp rally overseas, and continued stimulus talk out of China. However, Wall Street has since been digesting a 14-year high (at least) in July job openings, which comes ahead of next week's highly anticipated Fed meeting. This afternoon, all eyes will be on Apple Inc. (NASDAQ:AAPL), which will host its big product reveal.

 

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

 

 150909mmc1

   

Among the stocks with notable call volume is Yahoo! Inc. (NASDAQ:YHOO), with the contracts crossing at seven times the average intraday pace. Despite disappointing news from the IRS and some negative analyst attention, shares of the Internet issue are up 1% at $31.22. It appears one speculator is rolling the dice on more upside, as Trade-Alert suggests a long call spread is being initiated with YHOO's January 2016 37 and 42 strikes.

 

One of the biggest losers on the Nasdaq is pharmaceutical firm Tetraphase Pharmaceuticals Inc (NASDAQ:TTPH). The shares have surrendered 79% of their value to churn near $9.46 -- and are fresh off a new annual low of $9 -- after dismal drug data was met with a round of downbeat brokerage notes.

 

On the flip side, drugmaker Akebia Therapeutics Inc (NASDAQ:AKBA) is one of the top gainers on the Nasdaq. Well-received drug data and a bevy of bullish brokerage notes have sent the shares soaring 51.6% to $11.84. However, the day's upside is being contained by AKBA's recently formed 320-day moving average.

 

150909AKBA1


The CBOE Volatility Index (VIX) is down 0.5 point, or 2%, at 24.41 -- and earlier breached the critical 23.90 mark.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.30, with puts outpacing calls. SPY is up 0.4 point, or 0.2%, at $197.85.

 

 

Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

 
Schaeffer's Daily Bulletin Offer
 


 


 
Special Offers from Schaeffer's Trading Partners