Dow Eyes Worst Week Since 2008, VIX Hits Fresh Highs

The VIX just hit its highest level since February 2018

Digital Content Manager
Feb 28, 2020 at 12:35 PM
facebook X logo linkedin


The Dow Jones Industrial Average's (DJI) steep sell-off continues, as the blue chip index eyes its worst week since the financial crisis of 2008, on track for a roughly 13% weekly drop. Trade bellwether Boeing (BA) is leading the index's sell-off, while Apple (AAPL) is also suffering notable losses midday. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also headed for substantial weekly losses, while Wall Street's "fear gauge," the Cboe Volatility Index (VIX), climbed to its highest level in two years, up 15.3% at 45.2 at last check. 

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

  • A copper signal we've been watching. 
  • Understanding volatility for options traders
  • Plus, options bears drink up Starbucks stock; COVID-19 vaccine promise boosts Altimmune stock; and a Q4 miss puts GKOS stock at annual lows. 

MMC Stats Feb 28

An unusual amount of bearish activity has been detected in the options pits of Starbucks Corporation (NASDAQ:SBUX), where 30,000 puts have crossed the tape so far, two times what's typically seen at this point, compared to 15,000 calls. The March 65 and 70 puts are the most popular, with contracts being opened at the latter. At last glance, SBUX is down 1.1% to trade at $77.44. 

Biotech name Altimmune Inc (NASDAQ:ALT) is one of the best performers on the Nasdaq today on news that the company is advancing toward the animal testing and manufacturing phase of its intranasal coronavirus vaccine after completing its design and synthesis. The vaccine is expected to be out as soon as August. At last check ALT is up 11.4% to trade at $3.71. The security has completely obliterated a recent ceiling at its 200-day moving average, and is eyeing its highest close in nearly a year. 

ALT Chart Feb 28

Healthcare concern Glaukos Corp (NYSE:GKOS) is one of the worst performers on the New York Stock Exchange today, down 29.9% at $43.04 after posting fourth-quarter losses of 40 cents per share, which missed analysts estimates and came in 44 cents lower than the same quarter last year. The miss sparked at least four analysts price-target cuts, including one from J.P. Morgan Securities down to $55 from $65. The broker also downgraded GKOS to "neutral" from "overweight." The stock is eyeing its first close south of the $50 region since its August 2018 bull gap as a result. 

 

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