Stocks Stagnant In Struggle To Snap Losing Streak
The Bank of Japan's (BoJ) decision to widen its cap on the 10-year Japanese government bond yield further squashed investors' hopes for a year-end "Santa rally," and by midday on Tuesday, the major indexes could barely make up their mind on what direction to go. The Dow Jones Industrial Average (DJI) briefly popped back above breakeven and was last seen slightly below. The S&P 500 Index (SPX) and turned slightly higher before moving back into the red, while the Nasdaq Composite Index (IXIC) is currently sporting a slight loss. All three major indexes are coming off their fourth-consecutive daily loss and could be eyeing a fifth.
Dlocal Ltd (Nasdaq: DLO) is up 11% at $14.64 at last check, and options bulls are taking notice. The stock's typically quiet options pits have seen 5,504 calls cross the tape so far. That's double the average intraday amount, and almost 10 times the number of puts traded. The most popular position is the 12/30 15-strike call, followed by the 16-strike call in the same series, where positions are being sold to open, suggesting that these traders might see a ceiling at the $16 mark. The company just announced a $100 million buyback program, which will expire in July 2023, or when it reaches its limit. DLO plummeted to a record low of $9.03 on Nov. 17 and has yet to fully recover.
IceCure Medical Ltd (Nasdaq: ICCM) is by far the best performer on the Nasdaq today, last seen up 349.5% at $4.22, following news that the company's ProSense treatment was found safe and effective in treating patients with kidney tumors, showing an 89.5% recurrence-free rate. The stock hit an annual high of $4.73 earlier in the session and toppled a ceiling at its 120-day moving average, which has kept rallies in check since the stock dipped below here in December 2021.
Caravelle International Group Ordinary Shares (Nasdaq: CACO), on the other hand, is languishing at the bottom of the Nasdaq. The equity was last seen down 57.2% at $2.05, and earlier hit a record low of $1.95. While there's no driving factor for today's dismal price action, CACO has been particularly volatile since it gapped below the $10 mark in late November.
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