Dow Jones Industrial Average, S&P 500 Hit Record Highs

2 Post-Election Standouts With Huge Short-Squeeze Potential

by Alex Eppstein

Published on Dec 7, 2016 at 11:53 AM
Updated on Dec 7, 2016 at 11:53 AM

The Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) hit record highs earlier, ahead of tomorrow's highly anticipated European Central Bank (ECB) policy meeting. Both indexes remain in positive territory, too, despite a slump in healthcare stocks and crude oil prices -- with January-dated futures down 1.7% at $50.06 per barrel, following a sharper-than-expected weekly build in gasoline and distillate stockpiles. On the data front, monthly job openings ticked higher to 5.5 million in October, matching expectations.

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midday market stats dec 7

Among the stocks with unusual call volume at midday is tech titan Honeywell International Inc. (NYSE:HON), where the contracts are running at 13 times the usual intraday clip. Both the December and March 115 calls appear to be seeing buy-to-open activity. Currently, HON is 2.3% higher at $115.72, with Trade-Alert citing "activist related chatter."

One of the top stocks on the Nasdaq is Western Digital Corp (NASDAQ:WDC), up 6.1% at $67.73, and fresh off an annual high of $68.80. Shares of the data storage firm are running on upbeat guidance and a resultant raft of positive brokerage notes -- with one analyst targeting triple-digit territory.

wdc daily dec 7

Among the top losers on the New York Stock Exchange (NYSE) is Nu Skin Enterprises, Inc. (NYSE:NUS), after reports of a C-suite shakeup and mixed guidance. At last check, the personal care stock has tanked 8% to hover around $47.45.

The CBOE Volatility Index (VIX) is down 0.3 point, or 2.6%, at 11.48 -- and on track for its lowest settlement in four months.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.15, with puts slightly edging out calls. At last check, SPY is up 0.4 point, or 0.2%, at $222.08.

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