Stocks Maintain Bullish Momentum In the New Year

The Dow, S&P, and Nasdaq have all nabbed another intraday high

Deputy Editor
Jan 2, 2020 at 12:12 PM
facebook twitter linkedin


Stocks are continuing to climb at midday, as traders head into the new year on an optimistic note -- mostly thanks to fresh Chinese stimulus measures and a solid performance out of the semiconductor sector. The Dow Jones Industrial Average (DJI), in particular, is pacing for a triple-digit win today and already hit yet another intraday high, while the S&P 500 Index (SPX), and Nasdaq Composite (IXIC) aren't far behind.

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

  • What traders can expect for the bull market in 2020, according to founder and CEO Bernie Schaeffer. 
  • Why Jefferies is calling this weed stock a top pick for 2020. 
  • Plus, JD.com eyes fresh highs; CEO buys SAVA stock; and DRRX shares slide on failed study. 

midday market stats 1.2

One stock seeing unusual options activity today is JD.Com Inc (NASDAQ:JD), which is trading up 4.1% at $36.66, and pacing for its highest close in 17 months. So far, 34,000 calls have crossed the tape -- three times the average intraday volume -- compared to only 6,226 puts. The weekly 1/3 36.50-strike call is the most active, with positions likely being sold to open here, followed by the March 40 call, where positions are possibly being purchased. 

One of the top performers on the Nasdaq today is biopharmaceutical concern Cassava Sciences Inc (NASDAQ:SAVA), which has added 29.4% so far to trade at $6.69. The company's CEO Remi Barbier said he purchased 100,000 shares of SAVA stock at $5.53 per share, bringing his stake to over 1 million shares, or $5.56 million. The pop has helped SAVA fill its Dec. 30 bear gap, and has the security eyeing its highest close since June 2018. 

Drugmaker Durect Corporation (NASDAQ:DRRX) is one of the worst performers on the Nasdaq -- down 24.7% to trade at $2.86 -- following an announcement that the firm's DUR-928 treatment did not show any meaningful improvement in patients with psoriasis during a phase 2a clinical trial. DRRX has retreated from its Dec. 31 10-year high of $3.95 as a result, and is eyeing its first close south of its 10-day moving average in nearly two weeks. 

DRRX Jan 2

Grab your FREE Eternal Contrarian report!


 




 
Special Offers from Schaeffer's Trading Partners