Stocks Lock In More Intraday Highs Before Reversing Course

Stocks are turning lower this afternoon after a morning spent building on Friday's wild rally. The Dow Jones Industrial Average (DJIis still registering modest gains, up over 29 points at midday, while also locking in a fresh intraday peak. Both the S&P 500 Index (SPXand Nasdaq Composite (IXIC) gave back earlier gains, on the other hand, falling from fresh highs of their own.

Meanwhile, the Cboe Market Volatility Index (VIX-- also known as Wall Street's "fear gauge" -- cuts some of its earlier losses. The index breached the 20 level on Friday, with many calling this tumble as a "risk on" signal that could lead to even more buying, though now it sits just north of this level. Elsewhere, West Texas Intermediate crude futures climbed above $60 a barrel for the first time in more than a year, thanks to extreme winter weather in the southern United States. 

midday market stats feb 16

Quantumscape Corp (NYSE: QS) is seeing another surge in options activity today. This time, the equity is down 7.6% to trade at $50.37, stumbling from last Friday's rally, which was sparked by a Morgan Stanley bull note. The security is testing support at its 30-day moving average -- a level the shares just closed atop of for the first time since an early January bull gap. A closer look at QS' options pits shows 49,000 calls and 24,000 puts exchanged so far -- 1.7 the intraday average. The February 55- and 60-strike calls are seeing the most action, while the March 80 call is also popular, with positions being opened here. 

qs chart feb 16

Socket Mobile, Inc. (Nasdaq: SCKTis the best performer on the Nasdaq today, up 709.6% at $26.23 this afternoon, and on pace for its biggest one-day jump on record. The company just unveiled its first enterprise-grade barcode scanner, which is called DuraSled™, to be used with Apple's (AAPL) iPhone 12 series. Looking back, the equity has been chopping higher over the past several months, with guidance from its 60- and 80-day moving averages. SCKT now boasts an impressive nine-month lead of over 1,790%. 

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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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