Dow Jones Industrial Average Lags as Tech Stocks Lead the Charge

Inside a Winning Trade on UVXY

Managing Editor
Jun 23, 2017 at 4:32 PM
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The Dow Jones Industrial Average (DJIA) took a slight hit today, after spending time on both sides of breakeven. Traders weighed solid housing data and stabilizing oil prices, along with speeches from several Fed officials in the wake of the central bank's recent rate hike. Meanwhile, the Nasdaq Composite (COMP) outperformed, with the tech and healthcare sectors turning in strong weekly performances. 

Continue reading for more on today's market, including:

  • Bernie Schaeffer does a deep dive on his recent UVXY options trade.
  • Call buying exploded after Western Digital's big news.
  • Deutsche Bank joined the bullish ranks on a rallying steel stock.
  • Plus, the Dow stock that bounced back from an early downgrade; call buyers swarm Sprouts; and a breakdown of a key options indicator.

The Dow Jones Industrial Average (DJIA - 21,394.76) lost 2.53 points, or 0.01%. Eighteen of the 30 Dow stocks ended lower, with Home Depot bringing up the rear, dropping 2.7%. Visa was the top advancer, gaining 1.7%. For the week, the Dow rose 0.05%.

The S&P 500 Index (SPX - 2,438.30) tacked on 3.8 points, or 0.2%. The Nasdaq Composite (COMP - 6,265.25) gained 29 points, or 0.5%, for a third straight win.  The SPX ended the week up 0.2%, while the COMP turned in an impressive 1.8% rise.

The CBOE Volatility Index (VIX - 10.02) fell 0.5 point, or 4.4%.

indexes june 23
NYSE and Nasdaq stats june 23

5 Items on Our Radar Today:
  1. New home sales increased in May, up 2.9% sequentially and 8.9% from a year ago. The figures beat forecasts, and April's sales pace was upwardly revised. (MarketWatch)
  2. Technology firms Cisco, IBM, and SAP have catered to demands to allow the Russian government to access security software source codes prior to allowing the products' sale in Russia, with Moscow ostensibly seeking to protect itself from security vulnerabilities. (Reuters)
  3. Caterpillar stock closed higher, despite an early morning downgrade.
  4. A growing number of call buyers are loving Sprouts.
  5. A key options pricing variable, explained.

Corporate Earnings June 23
Unusual Options Activity June 23
Data courtesy of Trade-Alert

Commodities

Oil futures edged higher today, after a report showed OPEC members achieving high compliance with production cuts. August-dated crude futures gained 27 cents, or 0.6%, to settle at $43.01 per barrel. For the week, oil ended 4.4% lower -- its fifth straight losing week. 

Gold rose for the third straight session, as the U.S. dollar weakened. August-dated gold futures rose $7, or 0.6%, to settle at $1,256.40 an ounce, just fractionally lower than last Friday's close.

 

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