The DJIA, SPX, and COMP are on track to break their recent losing streaks
The Dow Jones Industrial Average (DJIA) is blasting off at midday, enjoying a gain of more than 300 points and retaking the key 18,000 level, as stocks react to news that the FBI has yet again cleared presidential candidate Hillary Clinton of possible charges in the latest email server investigation, just one day ahead of the U.S. presidential election. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) are also seeing significant gains, and are finally on track to snap their longest losing streaks in over three decades. Meanwhile, December-dated crude futures are defying a stronger dollar, gaining 0.7% to trade at $44.42 per barrel, amid optimism about global production cuts and after an earthquake at the Cushing, Oklahoma, storage facility.
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Among the stocks with unusual options volume at midday is diagnostics stock Alere Inc (NYSE:ALR), which is down 0.7% at $35.85. The stock has shed nearly 20% in the past week, plummeting on Friday after reporting earnings and news that its medical unit, Arriva, lost its Medicare enrollment privileges. The stock has since been hit with a number of price-target cuts. ALR puts are currently trading at 59 times their average daily pace, and are on track to notch an annual volume high, with over 11,000 put contracts crossing the line, compared to a meager 60 call contracts. It looks like one trader has opened a bearish put spread, with 7,000 February 2017 29 put contracts sold to open, and 3,500 February 35 put contracts bought to open.
Chemical stock Chemours Co (NYSE:CC) is among the top performers on the New York Stock Exchange (NYSE) today, currently trading 13.8% higher at $19.46, after a big earnings win last night. CC has been having a standout year so far, tacking on over 263% since the beginning of 2016, and enjoying the support of its 30-day moving average since July.
Pharmaceutical stock Concordia International Corp (NASDAQ:CXRX) is among the worst performers on the Nasdaq today, currently trading 35.8% lower at $2.05, after this morning's earnings whiff, and after the biotech withdrew its full-year guidance. Earlier, the stock hit an all-time low of $1.98, and the shares are currently down over 94% since the beginning of 2016.
The CBOE Volatility Index (VIX) is on pace to snap its record winning streak, down 4 points, or 17.7%, at $18.53.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.12, with puts doubling calls. At last check, SPY was up 1.9%, or 3.9 points, at $212.42.
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