Dow Jones Industrial Average Hangs Tight Amid Light Volume

What Does a "Neutral" Market Mean for Stocks?

by Josh Selway

Published on Nov 23, 2015 at 11:54 AM

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.

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

 


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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

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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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