SPX Marks Fresh Record High, Dow Loses Steam

Oil is inching higher amid potential crude output cuts

Digital Content Manager
Feb 6, 2020 at 12:00 PM
facebook X logo linkedin


The Dow Jones Industrial Average (DJI) has pulled back from this morning's triple-digit gains, waffling at the breakeven. Meanwhile, the Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) maintained their earlier momentum with both eyeing record closes and the latter fresh off an intraday record high of 3,346.65. Meanwhile, oil continues to climb higher, amid reports that the Organization of the Petroleum Exporting Countries (OPEC) and its allies are considering a provisional cut in crude output in an effort counter a weakening demand for the commodity. At last check, March-dated crude futures are up 0.1% to trade at $50.82 at the midway point. 

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

  • How Twitter became the earnings darling of the day. 
  • The C-suite shakeup pushing Lumber Liquidators stock higher. 
  • Plus, options bulls blast AMC; JAN stock pops on CoreRX deal; and GLOP stock drops to new lows. 
  • Midday Stats Feb 6

AMC Entertainment Holdings Inc (NYSE:AMC) is seeing an uptick in bullish activity today on the options pits, with 4,336 calls exchanged so far -- two times the intraday average and roughly 13 times the number of puts. The September 10 call is by far the most popular, with positions being bought to open here. At last glance, AMC is down 0.4% to trade at $6.97. 

One of the top performers on the Nasdaq today is Janone Inc (NASDAQ:JAN) after inking an agreement with leading cGMP contract manufacturer CoreRx for its phase 2B clinical formulation and development of TV1001SR, used to treat patients with Peripheral Artery Disease (PAD). Jan is up 46.7% to trade at $4.59, and is on track for its highest close since early September. 

GasLog Partners LP Unit (NYSE:GLOP) is one of the worst performers on the New York Stock Exchange after posting a fourth-quarter loss of $2.37 per share -- down from a $0.30 per share profit one year ago. The natural gas concern also slashed its quarterly dividend forecast, and announced that it will be reducing the size of its London office and relocate some employees. The stock has lost 45.7% to trade at $5.57 so far today, pacing for its lowest close ever after ripping through recent support at its $10 region this morning. 

GLOP chart Feb 6

 

Unlock Weekend Profits with Chris Prybal's Favorite Strategy Up +487.5% in 2024

With the markets going left, right, and sideways, you need to have a plan now more than ever. 

Expert Trader Chris Prybal is no stranger to volatility, and has mastered finding big stock rallies while other traders aren't looking over the weekend. Rallies that produced gains like +207% on RTX calls, +236% on MARA calls, and +238% on NET calls.

A few simple moves on Sunday at 7pm could be the “Secret Sauce” your portfolio needs to not just stay afloat, but make unprecedented gains in this turbulent market.


Don’t sit on the sidelines, beat the market with Chris Prybal's strategy. Join him now!