Tech Sends Nasdaq to New Highs; Dow Jones Industrial Average Eyes 20,000

2 Reasons We Didn't Trade This Stock

Alex Eppstein
Dec 27, 2016 at 12:05 PM
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Back from the long Christmas weekend, the Dow Jones Industrial Average (DJIA) is edging its way toward the 20,000 level, while the Nasdaq Composite (COMP) is fresh off a record high of 5,512.37. Tech stocks are flexing their muscles, while shares of homebuilders are higher, too, as U.S. home prices in October hit their loftiest level since the financial crisis. Also fanning the stock market's bullish flames is the Conference Board's consumer confidence survey, which surged to a 15-year high this month, as well as rising oil prices. At last check, February-dated crude futures were up 1.8% at $53.96 per barrel.

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

  • Schaeffer's Senior V.P. of Research Todd Salamone explains his 2 reasons for punting on an outperforming industrial stock.
  • Amazon.com, Inc.'s (NASDAQ:AMZN) holiday dominance has option bulls buzzing.
  • Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.
  • Plus... Tesla takes off, Fitbit bounces back, and the drug stock sizzling on an FDA note.

midday market stats dec 27

Among the stocks with unusual call volume at midday is automaker Tesla Motors Inc (NASDAQ:TSLA), with intraday volume doubling the normal amount. Buy-to-open activity is detected at a number of short-term call options, including the weekly 12/30 220 and 222.50 strikes. TSLA was last seen 3.2% higher at $220.05, after Panasonic made a monster investment.

Among the top stocks on the New York Stock Exchange (NYSE) is Fitbit Inc (NYSE:FIT), on reports of strong post-Christmas app downloads. The wearables stock is 4.7% higher today at $7.63, but remains a long-term underperformer, and touched a record low of $7.20 last Friday.

fit daily dec 27

Ionis Pharmaceuticals Inc (NASDAQ:IONS) is among the best performers on the Nasdaq today, tacking on 2.5% at $54.72. Shares of the drugmaker are heating up on a positive note from the Food and Drug Administration (FDA) and a pair of price-target hikes.

The CBOE Volatility Index (VIX) is up 0.5 point, or 4.6%, at 11.96.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.91, with puts nearly doubling calls. At last check, SPY is 0.6 point, or 0.3%, higher at $226.35.

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