Dow Jones Industrial Average Rips Higher on Crude

5 Booming Blizzard Stocks; Plus, Is Apple Poised to Pop?

by Karee Venema

Published on Jan 22, 2016 at 12:13 PM

Stocks went soaring out of the gate this morning, and are still enjoying significant leads, despite paring a portion of their earlier gains. At last check, the Dow Jones Industrial Average (DJIA) was up triple digits -- and winking at the 16,000 mark -- while the S&P 500 Index (SPX) was hovering around the 1,900 level. The Nasdaq Composite (COMP), meanwhile, was outpacing them all, surging nearly 2%. As such, the indexes are striving for their first weekly gain of 2016.

Crude is once again stoking the risk-on backdrop, with March-dated futures jumping 7% to $31.60 per barrel. A record monthly rise in existing home sales, as well as more stimulus chatter from overseas, is only fanning the bullish flames.

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Among the stocks with unusual option volume today is American Express Company (NYSE:AXP), with the contracts crossing at 10 times the average intraday pace. A disappointing earnings report and subsequent round of bearish brokerage attention has sent shares of the credit card concern tumbling 12.6% to $54.73 -- and fresh off a three-year low of $54.14. With the stock on the short-sale restricted list, puts are especially popular, with eleventh-hour positions being initiated at AXP's weekly 1/22 55-strike put.

It's another big day for energy name Kinder Morgan Inc (NYSE:KMI), with the shares last seen up 8.8% at $15.12 -- one of the biggest percentage gainers on the S&P 500 Index. The stock jumped 15.6% yesterday, as a big bounce in oil and cost-cutting plans overshadowed disappointing earnings and downbeat analyst notes. The equity is now on pace to post a 16% weekly win, and settle the week above $15 for the first time this year. ​


Freeport-McMoRan Inc (NYSE:FCX), meanwhile, is one of the biggest decliners on the SPX -- down 10.6% at $3.87. Pressuring the shares is news that the company's Indonesian mine must put an additional $530 million into escrow in order to begin exporting copper out of the country. Additionally, Citigroup followed in the recent footsteps of UBS, cutting its price-target on FCX to $4.50 from $8.

The CBOE Volatility Index (VIX) has plunged 11.1% to 23.72.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.02, with puts and calls running in near parity. SPY is up 1.3% at $189.11 -- and holding this crucial level.

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