VIX Vaults Higher as Stocks Resume Sell-Off

The Nasdaq is headed for its fourth straight weekly loss

Managing Editor
Oct 26, 2018 at 12:06 PM
facebook X logo linkedin


Stocks are selling off once more, with the Dow Jones Industrial Average (DJI) down more than 350 points at midday, almost erasing the gains from yesterday. The S&P 500 (SPX) and Nasdaq Composite (IXIC) are spiraling, as well, with the former hovering near correction territory. Plus, all three indexes are headed for a weekly loss -- the Nasdaq its fourth in a row -- as disappointing FAANG earnings overshadow better-than-expected third-quarter gross domestic product (GDP). Against this backdrop, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is pacing for a 30% weekly gain.

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

  • 2 stocks at new lows after earnings
  • The chip stock up 17% today.
  • Plus, day traders target Johnson & Johnson; STX stock hit by sector struggles; and AK Steel sinks after earnings.

Midday Market Stats Oct 26

Johnson & Johnson (NYSE:JNJ) is seeing unusual put volume today, with more than 8,500 contracts on the tape -- double the expected intraday amount and volume pacing in the 97th percentile of its annual range. Most active is the weekly 10/26 138-strike put, with more than 2,561 contracts changing hands, and the bulk of which appear to be seeing buy-to-open activity. The Dow stock is down 1.1% to trade at $136.98 today. 

Seagate Technology PLC (NASDAQ:STX) is down 9.6% to trade at $38.66, one of the worst stocks on the S&P 500 today, dragged lower by a dismal quarterly report from sector peer Western Digital (WDC). STX is dangerously close to its annual low of 36.07 from last November, and is now trading below its year-to-date breakeven level. The shares have been pressured lower by their 20-day moving average since an early September bull gap. 

MMC Daily Chart STX

AK Steel Holding Corporation (NYSE:AKS) is down 9.2% to trade at $3.83 today, one of the worst stocks on the New York Stock Exchange (NYSE) so far, after the company's third-quarter earnings and revenue fell short of expectations. The steel stock earlier fell to a two-year low of $3.56, and is on track for its worst day since July. AKS has now shed 32% in 2018, and a breakout earlier this month was contained by the shares' 320-day moving average.

 

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 C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI