Dow Jones Industrial Average Eyes Longest Weekly Win Streak Since 2014

Eerily Quiet Dow Could Be a Bearish Signal

Dec 23, 2016 at 11:52 AM
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The Dow Jones Industrial Average (DJIA) is treading water at midday amid quiet pre-holiday trading, as a highly anticipated run to the 20,000 level has failed to materialize this week. However, the Dow remains on track for its seventh consecutive weekly win, it longest hot streak since late 2014. Amid the bull market, the Thomson Reuters/University of Michigan consumer sentiment survey came in at 98.2 -- a 12-year high -- in December, though, as explained previously, the collective optimism could actually be dangerous for stocks going forward.

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

midday market stats dec 23

Among the stocks with unusual call volume at midday is Cal-Maine Foods Inc (NASDAQ:CALM), with the contracts running at 11 times the usual intraday clip. Shares of the egg seller have blasted past this key technical level on a well-received earnings report, up 6.9% at $44.90. As such, traders are buying to open CALM's now in-the-money February 45 call.

One top performer on the Nasdaq is Synergy Pharmaceuticals Inc (NASDAQ:SGYP), on the heels of an encouraging drug trial and round of bullish analyst notes. At last check, the biotech stock was 9.5% higher at $5.19.

sgyp daily dec 23

Cintas Corporation (NASDAQ:CTAS) is among the worst performers on the Nasdaq today, dropping 3.8% to $115.57. The steep losses have been triggered by an earnings miss and a price-target cut.

The CBOE Volatility Index (VIX) is up 0.3 point, or 2.7%, at 11.74.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.76, with puts nearly doubling calls. Currently, SPY is flat at $225.38.

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