Stock Market Continues Shaky Recovery Midday

Amazon stock is seeing a surge in options trading today

Deputy Editor
Mar 17, 2020 at 11:54 AM
facebook twitter linkedin


The Dow Jones Industrial Average (DJI) is continuing its modest recovery from yesterday's third-worst day ever, up 500 points at last check. Also on the up is the S&P 500 Index (SPX) and Nasdaq Composite (IXIC), seeing a boost from FAANG giants Amazon.com (AMZN) and Netflix (NFLX). Guiding the rise in today's choppy market is a request by Treasury Secretary Steven Mnuchin to congressional lawmakers to provide a stimulus package of $850 billion or more to stimulate the U.S. economy during the pandemic. 

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

  • FAANG stock surging on hiring announcement. 
  • McDonald's stock joins peers in dining closure. 
  • Plus, WTRH’s unusual options; the stock surging with news of its COVID-19 test, and Caesar's Entertainment stock takes a dive.

Midday Chart Mar 17

One stock sporting unusual options volume today is Avis Budget Group Inc. (NASDAQ:CAR), the car rental name lower with travel stocks, last seen down 6% at $13.21, earlier touching an eight-year bottom of $12.22. So far 31,000 puts have crossed the tape, compared to a mere 363 calls, trading at seven times the expected rate. Most popular are the May 10 and 15 puts. In 2020, Avis Budget stock has shed 58%.

One stock scaling the Nasdaq today is Co-Diagnostics Inc (NASDAQ:CODX), up 28.8% to trade at $11.71. This comes after the company shared that the Food and Drug Administration (FDA) changed its policy to allow for rapid widespread distribution of its COVID-19 test. The equity is now up 1,191% year-to-date with support from its 30-day moving average.

MMC Chart Mar 17

Situated near the bottom of the Nasdaq is Caesar's Entertainment Corp (NASDAQ:CZR). The casino-entertainment and hospitality company is down 36.5% to trade at $3.86, earlier hitting a record low of $3.23. CZR is continuing on the recent bear gap that culminated in a five-year low of $5.45 yesterday, March 16. The equity is now down 73% year-to-date.

 

If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!

Schaeffer's Investment Research Stock Pick Report
 


 


 
Special Offers from Schaeffer's Trading Partners