The DJIA is sharply higher, tracking a bounce in crude oil futures
The Dow Jones Industrial Average (DJIA) has added triple digits, as oil bounces back from Monday's slump. February crude futures have once again toppled the $37-per-barrel level, trading 2.5% higher at $37.73. Meanwhile, thanks to the bullish momentum, the S&P 500 Index (SPX) is now back on positive ground for 2015.
Continue reading for more on today's market -- and don't miss:
- 3 market predictions you'll hear for 2016.
- How options traders responded to a new record high for Amazon.com, Inc. (NASDAQ:AMZN).
- Plus ... Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.
Alphabet Inc (NASDAQ:GOOGL) is among the stocks with unusual option volume today, with calls crossing the tape at twice their average intraday rate. More than 2,300 contracts have already traded on the GOOGL weekly 12/31 800-strike call, with buyers of this option expecting the stock to rally above the round $800 level before the close on Thursday. GOOGL touched a fresh all-time high at $797.57 earlier today, as the shares continue to rally after Monday's bullish write-up from Barron's.
Takeover target Pep Boys-Manny Moe and Jack (NYSE:PBY) is one of the day's top performers on the New York Stock Exchange so far, adding 8.2% to trade at $18.83. Activist investor Carl Icahn's latest offer of $18.50 per share surpassed Bridgestone's sweetened bid -- but with the stock trading at a premium to Icahn's upwardly revised buyout price, traders seem to think the bidding war is far from over. However, cautious options players may be trying to lock in their paper profits on soaring PBY, as data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows PBY's 50-day put/call volume ratio outranking 86% of comparable readings in the past year.
Alternative energy stock SolarCity Corp (NASDAQ:SCTY) is among the worst performers on the Nasdaq today, down 4.3% at $49.09 as the shares continue to correct an overbought situation. Short sellers are likely applauding today's price action, as nearly 60% of SCTY's available float remains wrapped up in these bearish positions. This buildup of short interest represents 6.5 times the stock's average daily volume.
The CBOE Volatility Index (VIX) is down 0.9 points, or 5.3%, at 16.02.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.74, with puts outnumbering calls. SPY was last seen up 1.9 points, or 0.9%, at $207.12.