Stocks Head for Weekly Wins After "Peak Inflation" Rally

The VIX is heading toward its lowest close in over two months

Deputy Editor
Nov 11, 2022 at 11:50 AM
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Stocks are a mixed bag midday, though all three major benchmarks headed for weekly wins after yesterday's historic rally. The Dow Jones Industrial Average (DJI) has reversed its premarket gains, down 284 points at last check, while the S&P 500 Index (SPX) sits flat, and the Nasdaq Composite (IXIC) sits firmly in the black.

Despite the choppy price action, the Cboe Volatility Index (VIX) is heading for its lowest close since Sep. 9. Elsewhere, Bitcoin (BTC) is in focus again, lower today amid the fallout from the FTX and Binance controversy. 

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

MMC Nov11

Casino stock Melco Resorts & Entertainment Inc (NASDAQ:MLCO) is popular amongst options bulls today, as the stock surges following reports that China is easing Covid-19 restrictions. So far, 23,000 calls have crossed the tape, volume that's 10 times the intraday average, compared to just 767 puts. The November 8 call is the most popular, followed by the December 8 call, with new positions opening at the latter. 

Doximity Inc (NYSE:DOCS) is one of the top performers on the New York Stock Exchange (NYSE) today, up 30.8% at $34.44 at last glance, after the company's better-than-expected fiscal second-quarter results. No fewer than three analysts lifted their price targets after the event, including Wells Fargo to $44 to $38. Familiar pressure at the $35 level appears to be keeping a cap on gains, as well as the stock's 150-day moving average. Year-to-date, the equity is down 31.8%. 

DOCS Nov11

Meanwhile, Brilliant Earth Group Inc (NASDAQ:BLRT) is taking a tumble after its own report, down 22.8% at $6.21 at last check and on the short sell restricted (SSR) list. The company reported better-than-expected third-quarter results, but its 2022 sales forecast is taking its toll on the shares today. Both Raymond James and J.P. Morgan Securities slashed their price targets by $1 to $9 and $10, respectively. Year-over-year, the equity is off 56.3%. 


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