September Trading Kicks Off as Nasdaq Notches Another Peak

The major indexes are relatively muted as they come off monthly wins

Digital Content Manager
Sep 1, 2021 at 12:25 PM
facebook twitter linkedin


Stocks are kicking off September on a quiet note, though the Nasdaq Composite (IXIC) earlier hit a fresh intraday high, as tech gets a boost from Apple (AAPL), which also just nabbed a fresh peak. The S&P 500 Index (SPX) is higher as well, coming off its seventh-consecutive monthly win in August -- its longest streak since 2017. The Dow Jones Industrial Average (DJI) meanwhile, is eyeing a roughly 40-point drop, as Wall Street eyed a disappointing jobs report for August, which revealed a 374,000 rise in payroll services -- much lower than the 600,000 anticipated.  

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

  • This grocery store stock looks overdue for some analyst coverage. 
  • Airline giant slammed over pandemic-related working conditions. 
  • Plus, options bulls eye more upside for WOOF; GBS topples key trendline; and VRA lowers FY guidance. 

midday stats sept 1

Petco Health and Wellness Company Inc (NASDAQ:WOOF) is seeing a surge in bullish options activity today, with 16,000 calls exchanged so far -- 13 times the intraday average. The most popular is the weekly 9/10 23-strike call, followed by the weekly 9/3 22.50-strike call, with positions being opened at both. WOOF was last seen up 2.1% at $21.97, and the company just announced the debut of its "Bootique" collection, which will include a wide array of costumes for all types of pets. WOOF is eyeing its first close above recent pressure at its 80-day moving average since mid-June. 

One of the top performing stocks on the Nasdaq today is Gbs Inc (NASDAQ:GBS). The equity was last seen up 29.8% to trade at $4.16. Though the reason for today's surge is not quite clear, an article from Seeking Alpha might be drawing investors to GBS, after it said the stock has a low float and could be a good candidate for day traders. The stock earlier hit its highest level since mid-July and looks set for its first close above its 100-day moving average since the trendline's formation in May. For the year, GBS is still off over 40%. 

gbs chart sept 1

Vera Bradley, Inc. (NASDAQ:VRA) is one of the worst performing stocks on the Nasdaq today, down 16.6% at $9.56 at last check. The company just shared a second-quarter profit and sales miss, and lowered its full-year revenue outlook. VRA is trading at its lowest level in nearly six months, breaching recent support at its 140-day moving average, and pacing for its biggest one-day drop in more than a year. 

 

Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

 
Schaeffer's Daily Bulletin Offer
 


 


 
Special Offers from Schaeffer's Trading Partners