Dow Cautiously Higher With Yellen Speech on Tap

The Fed Chair could provide more clues about a December rate hike

Managing Editor
Sep 26, 2017 at 12:23 PM
facebook twitter linkedin


The Dow Jones Industrial Average (DJIA) is higher at midday, as markets attempt to rebound from a three-day losing streak. However, the Dow is well off its intraday highs, and the S&P 500 Index (SPX) and Nasdaq Composite (COMP) briefly turned negative, amid re-emerging concerns about North Korea. Meanwhile, traders are digesting a surprise drop in new home sales, which fell to an eight-month low in August, as well as a dip in consumer confidence in September. Elsewhere, Wall Street is awaiting an afternoon speech from Fed Chair Janet Yellen, which could provide more clues about a possible December rate hike.

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

  • The currency signal you don't want to miss, courtesy of founder and CEO Bernie Schaeffer.
  • The biotech stock down 75%.
  • Plus, pre-earnings options activity on Nike; Carnival stock rallies; and CF Industries stock takes a breather.

Midday Market Stats Sept 26

    

Among the stocks with unusual options volume is athletic apparel powerhouse Nike Inc (NYSE:NKE), with 40,000 options traded – on pace for the 95th percentile of its annual range, and three times the average intraday volume. NKE's most popular option is the weekly 9/29 56-strike call, with over 4,000 contracts traded ahead of earnings tonight. The athletic stock was last seen 0.01% lower at $53.22, and is staring up at its 50-week moving average, which has stifled rebound attempts since a mid-August bear gap.

Carnival Corp (NYSE:CCL) is among the best on the S&P 500 Index today, up 2.6% to trade at $65.19 after reporting earnings that beat Wall Street estimates. In addition, the cruise company upped its full-year guidance. However, the shares are still staring up at their 40-day moving average, which ushered CCL stock higher until recent headwinds brought on by Hurricanes Irma and Harvey.

Midday Market Chart CCL 40 Sept 26

CF Industries Holdings, Inc. (NYSE:CF) is among the worst performers on the SPX today, down 3.6% to trade at $34.60. The fertilizer stock is pulling back after breaking into the $36 area for the first time since February. CF stock has tacked on 52% year-over-year, and is finding support atop its 10-day moving average.

 

If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!

 


 


 
Special Offers from Schaeffer's Trading Partners