Stocks regained their footing this afternoon, after consumer price index (CPI) data for December showed inflation is easing as economists expected. Traders are now turning to the Federal Reserve, which tied its hawkish policy to controlling red-hot inflation, for direction.

In response to the strong economic data, the Dow rose 216 points for its third-straight triple-digit gain. While the S&P 500 and Nasdaq saw more modest wins, the latter is on its longest win streak since July after a fifth consecutive pop. Conversely, the Cboe Volatility Index (VIX) settled below 20 for the first time since Dec. 2.

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

• Unpacking Logitech stock's massive tumble. 
• Why options bulls blasted these 3 stocks.
• Plus airline giant raises forecast; 2 crypto stocks popping; and Dollar General stock could soon surge.

5 Things to Know Today 

1. Delta Air Lines (DAL) revealed plans to curb employee access to its lounges when they are flying standby starting next month as it looks to avoid crowding. (CNBC)
2. Swedish iron-ore miner LKAB identified “significant deposits” of rare earth elements that may reduce Europe’s dependency on China. (MarketWatch) 
3. American Airlines stock extended its rally on a forecast hike.
4. Bitcoin's surge boosted these 2 crypto-adjacent stocks.
5. Dollar General stock nears 2 historically bullish trendlines.

Gold Prices Surge to Highest Level Since April

Oil prices saw even more gains on Thursday, nabbing a sixth-straight gain to mark their longest win streak since February. Cooling inflation and a weaker U.S. dollar helped the commodity. February-dated crude rose 98 cents, or 1.3%, to settle at $78.39 per barrel.

Gold prices also had a big day, settling at their highest level since April. Hopes that the Fed will slow down the pace of interest rate hikes contributed to the yellow metal's rise. In turn, February-dated gold added $19.90, or 1.1%, to settle at $1,898.80 per ounce.

The shares of Dollar General Corp (NYSE:DG) have been sliding on the charts since the start of the year, though they're still holding onto a 1.9% year-over-year gain at last glance. There is reason to believe DG could soon stage a bounce, however, as the stock has pulled back to two trendlines with historically bullish implications, according to data from Schaeffer's Senior Quantitative Analyst Rocky White. 

Dollar General stock is within one standard deviation of its 320-day moving average for the seventh time in the past three years, after which the stock has been positive one month later 100% of the time, averaging a 9.2% gain. Furthermore, the stock's 260-day average has seen eight similar signals, with DG higher one month later six of those times in the past three years, averaging a 4.3% gain. 

Now could be a good time to weigh in on the security's next move with options. The stock is seeing attractively priced premiums at the moment, per DG's Schaeffer's Volatility Index (SVI) of 26%, which sits in the 19th percentile of its annual range. 

Today's encouraging inflation data is helping Bitcoin (BTC) reclaim a key level, with the cryptocurrency jumping above $18,000 for the first time since Dec. 14. 

In addition to the inflation update, lawyers for defunct crypto exchange FTX have reportedly found roughly $5 billion worth of "liquid" assets, which is providing tailwinds for BTC. The lawyers went on to say that the cache was so high, the selling could eventually lead to substantial downside.

Bitcoin's pop bodes well for several crypto-friendly stocks, namely Marathon Digital Holdings Inc (NASDAQ:MARA) and Silvergate Capital Corp (NYSE:SI).

Can MARA Break Above a Newfound Ceiling?

Marathon Digital stock was last seen trading at $5.69 after adding 6%. The $6 level has kept a lid on the shares on a closing basis over the last two sessions, and looks poised to do so again today. Still, MARA is already up 64.6% since the start of the year.

In the options pits, MARA calls are particularly popular. At the session's halfway point, more than 73,000 bullish bets have crossed the tape, or more than double the average intraday amount. The most popular position by far is the weekly 1/13 6-strike call, which signals these traders see more upside by the end of tomorrow's session.

It's also worth noting that short sellers are targeting the stock. Short interest is up 27.2% in the last two reporting periods, and makes up a significant 45.2% of the stock's available float.

Silvergate Stock Holding Above 2-Year Lows

Silvergate Capital stock is 4.3% higher to trade at $12.70 at last check. The shares recently pulled back to $10.81, their lowest level in roughly two years, and are more than 90% lower in the last 12 months. 

Like its aforementioned sector peer, short interest has been on the rise -- up a staggering 167.8% in the last month. The shares sold short account for 58.9% of SI's available float, or nearly a week's worth of pent-up buying power.

Options look like a good way to go, too, per Silvergate stock's Schaeffer's Volatility Scorecard (SVS), which sits up at 97 out of 100. This this means the security stock has exceeded option traders' volatility expectations during the past year.

Investors are busy unpacking this morning's highly-anticipated inflation data, after December's consumer price index (CPI) dropped 0.1%, compared to November's 0.1% gain, marking the largest month-over-month decrease since April 2020. Year-over-year, CPI rose 6.5%, though this number represents the smallest annual increase since Oct. 2021. Meanwhile, jobs data came in at 205,000 for last week.

Stock futures have been volatile after the event, but at last check are capturing gains. The Dow Jones Industrial Average (DJIA) is up triple digits in electronic trading, while futures on the S&P 500 Index (SPX) and Nasdaq-100 (NDX) hold modest gains of their own.

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

• Top Stock for 2023: Macy's.
• Which drug giant is ripe to reclaim former highs.
• Plus, travel demand boosts AAL, LOGI plummets after earnings, and analyst says buy the dip on CNK. 

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts and over 1 million put contracts traded on Wednesday. The single-session equity put/call ratio rose to 0.70 and the 21-day moving average stayed at 0.80.
2. American Airlines Group Inc (NASDAQ:AAL) is up 5.5% premarket, after the company raised its fourth-quarter revenue forecast due to and increase in pricing and travel demand. Should these gains hold, AAL will be on track for its 10th consecutive daily win, and trading at its highest levels since June. 
3. Logitech International SA (NASDAQ:LOGI) is plummeting before the bell, down 17.1%, after its weak fiscal third-quarter report and slashed outlook. Plus, Wedbush downgraded the stock to "neutral" from "outperform," with a price-target cut to $60 from $70. 
4. The shares of Cinemark Holdings Inc (NYSE:CNK) are up 1.8% in electronic trading, after J.P. Morgan Securities upgraded the movie chain to "overweight" from "neutral." The firm sees an attractive entry point for CNK as the equity pulls back from its early December peak. Year-over-year, the equity is down 44.2%. 
5. Thing are picking back up today, with the aforementioned CPI and core CPI on tap, as well as weekly initial and continuing jobless claims, and the Federal budget. 

Stocks Higher in Asia, Europe

Asian markets closed in positive territory today, ahead of the CPI release stateside. Hong Kong’s Hang Seng added 0.4%, leading the gainers after property consultant Colliers Hong Kong said China’s reopening could bolster recovery in the property market in 2023. China’s Shanghai Composite, meanwhile, added 0.1%, despite data from the National Bureau of Statistics showing inflation in the country accelerated 1.8% in December. The Japanese Nikkei was essentially flat, after the country’s central bank said it will review the side effects of monetary easing at its policy meeting next week, while South Korea’s Kospi jumped 0.2%.

Across the pond, The Europe Stoxx 600 (SXXP) hit 450.19 this morning, putting stocks in the region at their highest level since April 2022. The auto, bank, retail, and telecom sectors are all trading higher. At last glance, France’s CAC 40 is 0.9% higher, while the German DAX and FTSE 100 in London are both up 0.8%.

Every day this week, we're going to highlight one of Schaeffer's top seven picks for 2023. Next up is software stock MongoDB Inc (NASDAQ:MDB). To access the entirety of the 2023 report, click here.

Cloud stock MongoDB (MDB) could have newfound support at the $150 level, an area that once served as resistance back in 2019 and 2020. There’s additional support for the shares at $144, which is six times the company’s initial public offering (IPO) level. The cloud database management company has revenue expected to grow 28% in 2023, while its price/sales ratio of 9.03 is up around 2018 levels.

Keep an eye on the $10 billion market cap area as well—while MDB is below this level now, it could step up as support in the coming months. There are room for upgrades, especially considering MDB’s type of technology and “pure-play” status as a stock tends to rise on upbeat economic news or Fed pivots.

There’s also short squeeze potential, with a healthy 6.8% of the stock’s total available float sold short. Options look like a good way to go, too, per the security's Schaeffer's Volatility Scorecard (SVS), which sits up at 96 out of 100. This this means MongoDB stock has exceeded option traders' volatility expectations during the past year.

Investors seemed confident on Wednesday that the consumer price index (CPI), which is due out tomorrow, will confirm inflation is easing and encourage the Federal Reserve to slow the pace of interest rate hikes. The Dow added 268 points, while the Nasdaq scored a fourth consecutive gain -- its longest win streak since September, and the S&P 500 notched a healthy win of its own. Meanwhile, bond yields cooled, with investors rotating back into tech stocks.  

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

• Eli Lilly stock looks ready for a bounce.
• Why this retail stock in one of our 2023 top picks. 
• Plus, checking in on 2 airline leaders; pharma giant extends rally; and why Biden's third year could be good to stocks. 

5 Things to Know Today 

1. U.S. President Joe Biden asked Congress to unite and hold the tech sector accountable regarding protection of privacy, competition, and American children. (Wall Street Journal)
2. The World Health Organization (WHO) said today the Covid-19 omicron XBB.1.5 variant does not have mutations currently known to make people sicker. (CNBC) 
3. How 2 airline stocks responded to grounded U.S. flights. 
4. FDA feedback blowing tailwinds for Biora Therapeutics stock. 
5. How Wall Street may benefit from Biden's third year in office.

There were no earnings of note today.

Gold Prices Bag Fresh Multi-Month High

Oil prices settled higher yet again on Wednesday to notch a fifth-straight win. Boosting black gold are expectations of strong oil demand in China and a weakening U.S. dollar,  as well as fears of a price cap on refined products from Russia. February-dated crude rose $2.29, or 3.1%, to settle at $77.41 per barrel.

Gold prices bounced back to score another eight-month high, with traders keeping an eye on tomorrow's CPI data, which could support the precious metal. February-dated gold rose $2.40, or 0.1%, to settle at $1,878.90 per ounce.