Dow Jones Industrial Average Hangs Tight Amid Light Volume

What Does a "Neutral" Market Mean for Stocks?

Nov 23, 2015 at 11:54 AM
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The Dow Jones Industrial Average (DJIA) ​has managed to find positive territory, despite heavy M&A-related losses from Pfizer Inc. (NYSE:PFE). As volume remains light during the holiday-shortened week, traders are digesting a greater-than-expected decline in existing home sales and an upturn in crude oil. Most attention, though, remains focused squarely on tomorrow's gross domestic product (GDP) estimate.

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Among the stocks with notable call activity is bakery chain Panera Bread Co (NASDAQ:PNRA), as the shares benefit from some bullish attention at Maxim. With the stock 3.2% higher at $178.24, calls are crossing at nearly two times the normal pace. However, it appears speculators are betting on PNRA's rally to find a ceiling sooner rather than later, with some sell-to-open activity detected at the December 185 call. 

Among the noteworthy winners on the Big Board is burrito chain Chipotle Mexican Grill, Inc. (NYSE:CMG). The shares fell out of the gate amid fresh E. coli worries, but have since reversed course to gain 5.3% at $564.38. What's more, the stock is overcoming bearish notes from no fewer than four brokerage firms, including a downgrade to "neutral" from "buy" at Sterne Agee CRT. 

One of the biggest losers on the NYSE is video game retailer GameStop Corp. (NYSE:GME), following the firm's dreary quarterly results. As a result, the equity has gapped 9.4% lower to $35.58, not far from its annual low of $31.69. It's been a miserable month for the shares of GME, and short sellers couldn't be happier


The CBOE Volatility Index (VIX) is 0.03 point, or 0.2%, higher. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.57, as puts outpace calls. The SPY was last seen 0.6 point, or 0.3%, higher at $209.90. 


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