Apple Helps Dow Hold Strong Gains

The major benchmarks are holding solid leads at the halfway point

Sep 30, 2019 at 12:00 PM
facebook twitter linkedin


The Dow Jones Industrial Average (DJI) is in positive territory today, as the U.S. stock market holds onto its early gains thanks to the White House's dismissal of reports indicating it would cap capital flows to China. Apple (AAPL) remains the top Dow gainer at midday, in response to J.P. Morgan Securities' bullish iPhone forecast, with tech as a whole standing as one of the strongest sectors at last check. As such, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also boasting solid leads ahead of the start of the fourth quarter tomorrow.

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

midday market stats sept 30

One name seeing unusual options volume today is Bristol-Myers Squibb Co (NYSE:BMY), with call volume accelerated due to heavy trading at the June 2020 60-strike call. Roughly 12,000 contracts have traded here, about four times the next closest option, and data points to buy-to-open activity, suggesting these are bullish traders betting on BMY stock rising above $60 by next June. The shares were last seen up 1.4% at $50.91, pacing for their highest close since March, getting a boost from news that the company's Opdivo drug performed better than chemotherapy in a study of esophageal cancer patients.

Thor Industries, Inc. (NYSE:THO) is one of the top stocks today, last seen 20.3% higher at $58.87, thanks to the RV maker's better-than-expected fiscal fourth-quarter results. But despite these monster gains, the shares are still down 30% in the past year, and the $60 level could be acting as resistance again.

tho stock sept 30

Canopy Growth Corp (NYSE:CGC) is one name sliding on the charts today, down 4.6% at $30.11, with Reuters reporting that there are fears that the recent vaping restrictions in the U.S. could impact Canadian marijuana companies like Canopy. CGC options are popular in response, with new positions opening at the October 22 put, the second most popular contract today.
 

 

 

These investors are using the market's volatility to their advantage and scoring triple-digit gains on many of their trades.

Even in today's sideways bear market, this trading strategy has continued to provide consistency and profitability to a small group of investors. By using this approach, these traders are removing directional risk and still hitting triple-digit returns. If you want access to this strategy, and lower risk with higher returns sounds good to you, then don't wait another minute.

Join us now to receive our next trades the moment they come out!

 

Common mistakes options traders make
 


 


 
Special Offers from Schaeffer's Trading Partners