Benchmarks Eye Weekly Wins As Investor Optimism Swells

Stocks are soaring to close out the week, boosted by more positive third-quarter earnings results and encouraging retail sales data. A top-line beat from Goldman Sachs, retail sales toppling September estimates, and Bitcoin (BTC) crossing the $60,000 level are all lifting investor sentiment today.

The Dow Jones Industrial Average (DJIis up triple digits for the second straight day, while the Nasdaq Composite (IXIC) and the S&P 500 Index (SPXare cruising toward their third-straight wins. All three benchmarks are on track for their second-straight weekly wins, while the Cboe Volatility Index (VIX) is eyes its first close below 16 since Aug. 13. 

Midday Market Stats October 15

One stock seeing a surge in bearish activity today is American Eagle Outfitters Inc (NYSE: AEO), with nearly 5,000 puts crossing the tape already today, triple the amount typically seen at this point. The most popular contract by far is the weekly 10/22 24-strike put. At last check, American Eagle stock is up 1.9% at $24.77. While AEO has consolidated near eight-month lows in October, there's support in place at its 320-day moving average.

AEO Chart October 15

Near the top of the NYSE is Alpha Metallurgical Resources Inc (NYSE: AMR), last seen up 7.9% at $62.19 although the catalyst for the breakout is unknown. AMR has skyrocketed up the charts over he last six months, gaining over 360%. Longer-term, Alpha Metallurgical stock is up 750% year-over-year.

Meanwhile, near the bottom of the NYSE sits Virgin Galactic Holdings Inc (NYSE: SPCE), last seen down 14% to trade at $20.69. This comes after the space exploration company announced the delay of its commercial space service launch until the fourth quarter of 2022 in order to take extra time to improve its space vehicles. SPCE is now trading below the $22 for the first time since May, and sports a 12% deficit year-to-date. 

Disclaimer: Schaeffer's Investment Research ("SIR" or "we" or "us") is not registered as an investment adviser. SIR relies upon the "publishers' ...

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