Stocks Erase Gains as Oil Slumps

Oil prices are a drag on the market today

Sep 24, 2019 at 12:01 PM
facebook twitter linkedin


The Dow Jones Industrial Average (DJI) was up triple digits earlier, as stocks reacted to bullish U.S.-China trade developments, with the Trump administration confirming more trade talks will take place next month. However, despite gains from Apple (AAPL), the Dow has since turned negative, following the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) into the red. The energy sector in particular is a spot of weakness, with November crude futures last seen down 1.5% at $57.78 per barrel. Traders are also digesting a steep drop in consumer confidence, as well as sluggish data on home prices.

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

midday market stats sept 24

One name seeing unusual options volume today is GameStop Corp. (NYSE:GME), with the stock gaining 3.8% to trade at $5.21. This has GME shares on pace for their highest close since July, and testing their 100-day moving average for the first time since January. In response, calls and puts are both popular, but most popular is the November 6 put, where new positions are opening. Buyers would be betting on the video game retailer to stay below $6 in the months ahead.

gme stock sept 24

One of the best stocks today is Jabil Inc (NYSE:JBL), jumping 5.9% to $33.17 thanks to a strong quarterly report and upbeat outlook, with the shares also tapping a 13-year high of $33.79. This brings the electronics manufacturer's year-to-date gain to 34.2%, but could be catching some bears off guard, since the Schaeffer's put/call open interest ratio (SOIR) of 2.00 shows near-term put open interest doubles call open interest.

One notable loser today is Fluor Corporation (NYSE:FLR), after the company announced new cost-cutting efforts, including halving its quarterly dividend. This has FLR shares down 10% to $18.64, extending their one-year slide; at this time last year, the stock was above $60. Fluor is on the short-sale restricted list today, but these bears already made their moves before today, with short interest shooting up 49.8% in the last reporting period.

 

Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

 
Best stocks for October and worst stocks for October
 


 


 
Special Offers from Schaeffer's Trading Partners