Nasdaq, S&P 500 Cling To Gains As February Momentum Cools

Stocks are clinging to earlier gains this afternoon, in an attempt to keep up with the market's impressive February momentum. The Dow Jones Industrial Average (DJI) is trading just below breakeven at midday, after notching its fourth-straight intraday high earlier in the session. Meanwhile, the S&P 500 Index (SPXand Nasdaq Composite (IXIC) are both marginally higher, as investors take in worse-than-expected weekly jobless claims, as well as Federal Reserve Chairman Jerome Powell's comments that monetary policy will remain "patiently accommodative" during his speech yesterday afternoon. 

midday market stats feb 11

Marathon Patent Group Inc (Nasdaq: MARA) is seeing an uptick in options activity today. The cryptocurrency management concern has been incredibly volatile over the past couple of sessions, as Bitcoin surpassed the $45,000 mark. The equity is up 15.7% at $39.35 at last check to trade at fresh three-year highs, completely erasing yesterday's dramatic dip. Circling back to options activity, 97,000 calls have crossed the tape so far or nearly double the intraday average, compared to 35,000 puts. Most popular by far is the weekly 2/12 40-strike call, where positions are being sold to open. This implies that traders are expecting the $40 level to hold as a ceiling for the underlying stock by the time these contracts expire tomorrow, Feb. 12.  

R C M Technologies Inc (Nasdaq: RCMTis one of the best-performing stocks on the Nasdaq today, up 124% at $8.27 at last check, after AI-Corn Clean Fuels contracted its Thermal Kinetics unit to produce 20 million gallons of ethanol per year to meet an ever-increasing demand for hand sanitizer. Even before today's surge, RCMT was already flying up the charts, with solid support over the past few months at its 20-day moving average. The equity is now trading at its highest level since 1999 and boasts a year-to-date lead of 256.3%. 

RCMT Feb 11

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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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