Dow Jones Industrial Average Up Triple Digits as Oil Rally Continues

What Could "Make or Break" Apple?

Dec 23, 2015 at 12:12 PM
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The Dow Jones Industrial Average (DJIA) has added triple digits at midday, led by Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM). Energy issues are on the rise as crude oil continues its rally, bolstered by a drop in domestic inventories and a favorable World Oil Outlook from the Organization of the Petroleum Exporting Countries (OPEC). Traders are also considering a round of economic data, including flat orders for durable goods, a rise in consumer sentiment, and a three-month high in new home sales.

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Freeport-McMoRan Inc (NYSE:FCX) is among the stocks with elevated call volume today. The contracts are crossing the tape at four times their typical intraday rate, while total options volume is twice its intraday average. Today's put/call ratio of 0.24 is lower than 99% of comparable readings from the past year, and the 8 strike is garnering apparent buy-to-open action in the weekly 1/8 and May series. FCX is 12.2% higher at $7.20 today, enjoying a global mining rally, after hitting a 13-year low of $6.08 only last Friday. 

Among the top performers on the Nasdaq today is Celgene Corporation (NASDAQ:CELG), last seen 9.3% higher at $121.50 to lead the S&P 500 Index (SPX). The equity skyrocketed out of the gate this morning, after the drugmaker settled a major patent dispute.

Blue-chip athletic retailer Nike Inc (NYSE:NKE) is one of the biggest losers so far today, dropping 2.5% to trade at $128.49. After Tuesday's close, the company reported quarterly earnings that surpassed expectations, and the shares spiked nearly 3% in pre-market trading this morning. But after tapping a new all-time high of $136.39 in early action, NKE fell sharply lower. Going into last night's earnings, option traders were placing bullish bets at a faster-than-usual clip.


The CBOE Volatility Index (VIX) is down 0.8 points, or 5%, at 15.77.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 0.91, with calls outnumbering puts. SPY was last seen 1.6 points, or 0.8%, higher at $205.16.


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