Market Rally Continues As Dow Nabs Intraday Highs

The Dow Jones Industrial Average (DJI) is up triple digits midday, while the S&P 500 Index (SPXand Nasdaq Composite (IXIC) are sporting modest gains, with the Dow locking in another fresh intraday high. All three indexes are looking to nab another record closing high, marking the S&P 500's eighth-consecutive closing peak, and the Nasdaq's 11th. All eyes are on Washington, D.C. today, after congress passed an over $1 trillion infrastructure bill over the weekend. The bill is now awaiting U.S. President Joe Biden's signature. 

MMC 1108

EV charging station maker Blink Charging Co (Nasdaq: BLNK) is seeing a surge in options activity today, as the electric vehicle sector gets a boost from congress passing the infrastructure bill. So far, 53,000 calls and 4,895 puts have crossed the tape, which is four times the intraday average. The weekly 11/12 41-strike call is the most popular, followed by the 40-strike call in the same weekly series, with positions being sold to open at both. Up 8.7% to trade at $34.18 at last check, the stock is set to clear recent pressure at its 140-day moving average. 

BLNK 1108

Near the top of the Nasdaq, today is Trade Desk Inc (Nasdaq: TTD), up 26.1% to trade at $86.51 at last check. The company reported better-than-expected third-quarter earnings and revenue before the bell this morning, sending the stock surging to its highest level since August. Today's pop also has the stock back above its year-to-date and year-over-year breakeven levels. Options traders are chiming in on TTD as well, with options volume pacing for the top percentile of its annual range. 

Conversely, Massachusetts-based biotech stock bluebird bio Inc (Nasdaq: BLUE) is plummeting after its dismal third-quarter report, down 17.7% to trade at $10.81 at last check. No fewer than five analysts have lowered their price targets, including Wedbush all the way to $11 from $22. This negative price action has BLUE trading at a record low and suffering a 61.8% year-to-date deficit. 

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

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.