Dow Jones Industrial Average Holds Gains After Trump Budget

SPY Put Options Price In Another Shocker

May 23, 2017 at 11:55 AM
facebook X logo linkedin

The Dow Jones Industrial Average (DJIA) has spent the first half of the trading session in positive territory, and is on track to extend its daily winning streak to four. Nevertheless, gains have been kept in check as traders consider last night's deadly terrorist attack at an Ariana Grande concert in Manchester and a mixed bag of economic data here at home, including a bigger-than-expected drop in new home sales. Traders are also mulling over President Donald Trump's fiscal 2018 budget proposal, which includes $3.6 trillion in spending cuts over the next 10 years, while looking ahead to an afternoon speech from Minneapolis Fed President Neel Kashkari.

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

  • SPY put options price in another shocker, says Bernie Schaeffer.
  • How options traders doubled their money on Alibaba stock.
  • Plus, Momo options volume explodes; AutoZone stock slumps to new low; and Seadrill's big bounce.

midday stock market stats may 23

Among the stocks with unusual options activity is Momo Inc (ADR) (NASDAQ:MOMO), with nearly 41,000 contracts traded -- representing eight times the expected intraday pace, with volume running in the 100th annual percentile. MOMO stock is trading down 2% at $41.96 post-earnings, retreating from yesterday's record high of $45.95, and most of the option activity appears to be the result of traders liquidating weekly 5/26 call positions ahead of Friday's expiration.

AutoZone, Inc. (NYSE:AZO) is one of the biggest decliners on the New York Stock Exchange (NYSE), after the auto parts retailer's disappointing earnings report was met with a downgrade at Raymond James. AZO stock is down 8.9% at $601.09 -- fresh off a two-year low of $597.45 -- and on track for its worst day in eight years.

azo stock daily price chart may 23

Rig operator Seadrill Ltd (NYSE:SDRL) is one of the leading percentage gainers on the NYSE, up 9.4% to trade at $0.57. Today's pop may be more of a dead-cat bounce for SDRL stock, though, considering it's down 83% year-to-date, and hit a record low of $0.51 yesterday. Seadrill is expected to report first-quarter earnings tomorrow.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI