EARN25

Dow Jones Industrial Average Turns Higher Before Fed Decision

The Pharma Firm Making Valeant Look Like a 'Choirboy'

Mar 16, 2016 at 12:11 PM
facebook X logo linkedin


After an initial drop, the Dow Jones Industrial Average (DJIA) is cautiously higher ahead of today's Federal Open Market Committee (FOMC) policy decision. All eyes are on Fed Chair Janet Yellen's 2:30 p.m. ET press conference, as traders hunt for clues on the timing of the next rate hike. Elsewhere, April-dated crude futures were last seen up 4.1% at $37.74 per barrel, thanks to hopes for a global output freeze and a smaller-than-expected rise in domestic oil inventories. A mixed bag of economic data also hit the Street, headlined by a strong uptick in housing starts. 

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

 

160316MMC1

Among today's stocks with unusual call volume today is software stock Oracle Corporation (NYSE:ORCL). The contracts are crossing at 11 times the average intraday pace, following the company's impressive quarterly results and expanded stock buyback plan. Much of the action is attributable to spread activity in the weekly 4/22 series, as well as the April and May series. At last check, ORCL was 3.9% higher at $40.24.

One of the top performers on the Nasdaq is GoPro Inc (NASDAQ:GPRO), which has gained 5.8% to sit at $12.38. The shares are still down over 31% year-to-date, but today's gains are just what option bulls were looking for

160316GPRO

On the other end of the COMP is TerraForm Power Inc (NASDAQ:TERP). Shares of the clean energy stock are 4.1% lower at $10.12, after the company -- along with Sunedison Inc (NYSE:SUNE) -- delayed reporting its annual results. However, the stock is still 1.3% higher on the month, even amid a messy M&A situation.

The CBOE Volatility Index (VIX) is down 0.8 point, or 4.8%. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.45, with puts outnumbering calls. The SPY is up 0.2 point, or 0.1%, at $202.30. 
 

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!