Major Indexes Cool Off as Investors Begin Profit-Taking

Bitcoin is continuing to freefall

Deputy Editor
Apr 19, 2021 at 12:05 PM
facebook twitter linkedin


Following a record-breaking Friday session, the major benchmarks are pulling back as the tech sector cools off and investors move to profit-taking on bank stocks that surged last week. At last check, the Dow Jones Industrial Average (DJI) was down 139 points, just after logging its fourth-straight week of gains. Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are both considerably lower at midday. Elsewhere, Bitcoin is making headlines today, after the cryptocurrency plunged following last Wednesday's all-time high.

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

  • This solar energy stock surged after a bull note.
  • Coca-Cola stock inches higher on earnings beat.
  • Plus, DIS calls pop on reopening plans; M&A news boosts MRLN; and one blank check stock falling on the charts.

Midday Market Stats April 19

One stock seeing unusual options activity is Walt Disney Co (NYSE:DIS). So far today, 59,000 calls have already exchanged hands, double what's typically seen at this point and nearly four times the amount of puts traded. The weekly 4/23 190-strike call is by far the most popular, and new positions are being opened here, followed by the 192.50-strike call from the same series. At last check, DIS is up 0.8% at $188.67, boosted by the theme park operator's plans to reopen Disneyland. With help from the 70-day moving average, DIS is fighting to reclaim its March 8 all-time high of $203.02, though the 40-day trendline is keeping pressure on the shares.

DIS Chart APril 19

Standing at the very top of the Nasdaq today is Marlin Business Services Corp. (NASDAQ:MRLN), last seen up 54.8% at $22.10 -- their highest level in well over a year. This surge comes after the capitol solutions company announced it will be acquired by HPS Investment Partners. Today's positive price action represents the equity's best single-day percentage leap since 2008, and year-over-year MRLN boasts a 193.2% lead. 

Meanwhile, near the bottom of the Nasdaq is Big Rock Partners Acquisition Corp (NASDAQ:BRPA) last seen down 9.6% at $32.47 at last check, possibly due to an ongoing dispute the company is embroiled in involving a Swiss pharmaceutical name. Whatever the reason, BRPA is well below its Dec. 22 all-time high of $76.99, though the security is still up 17% 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!

 


 


 
Special Offers from Schaeffer's Trading Partners