Geopolitical Tensions Weigh on Market

The stock market showed some nervousness on Thursday after a suspected suicide bomb exploded outside an Afghanistan airport, killing a number of people including U.S. marines and children. Wall Street was also keeping an eye on the highly anticipated Fed economic symposium in Jackson Hole in hopes of central bankers providing some clarity on the […]

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Bulls Stay Strong Ahead of Fed Update

The stock market traded in a tighter range on Wednesday as Wall Street awaited a key Federal Reserve event that will take place on Thursday afternoon. The higher close was mostly fueled by the latest passage from the House of Representatives and its $3.5 trillion budget plan.   As part of the legislative action, the […]

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Extreme Option Profits Chart of Day…Lyft Inc (LYFT)

Investors may want to pay close attention to Uber and Lyft. Late last week, a California court struck down a measure that exempted these companies from a “state law requiring drivers to be classified as employees eligible for benefits and job protections,” as noted by USA Today. In addition, according to The Wall Street Journal, […]

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Nasdaq Closes Above 15,000

The stock market showed continued strength on Tuesday as better-than-expected economic news fueled bullish sentiment ahead of the much-anticipated Jackson Hole Symposium later in the week. Specifically, new home sales rose 1% to 708,000 in July following the -2.6% drop to 701,000 in June to snap a string of three-straight monthly declines.   The gains […]

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Extreme Option Profits Chart of Day…Axsome Therapeutics (AXSM)

After gapping from $50 to about $21.50, AXSM has become oversold at support dating back to 2019.  It’s also oversold on RSI, MACD, and Williams’ %R.  From here, we’d eventually like to see a bearish gap refill at $50 – with patience.  “Axsome Therapeutics announced that the U.S. FDA informed the company in a teleconference […]

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Nasdaq, S&P 500 Back at Record Highs

The stock market showed continued strength on Monday after the Food and Drug Administration officially approved Pfizer’s (PFE) coronavirus vaccine. Mixed data, including better-than-expected housing numbers versus softer PMIs appeared to have little impact on stocks.   Energy led sector strength after jumping nearly 4% with oil stocks showing strong gains. Meanwhile, volatility fell for […]

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Bulls Recover Key Resistance Levels but Bears Win the Week

The stock market rallied to close sharply higher on Friday as better-than-expected earnings and oversold conditions fueled sentiment. Volatility fell back below a key level of support as monthly August options expired although the gains weren’t enough to offset a losing week for the major indexes.   The Russell 2000 ended at 2,167 (+1.7%) after […]

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Market Mixed on Jobs Data

S&P

The stock market was mixed on Thursday with the broader market and Tech showing strength as new claims for unemployment benefits fell to a 17-month low. Initial claims for state unemployment benefits fell 29,000 to 348,000 versus forecasts for a print of 363,000. It represented the fourth-straight weekly decline while sending claims to their lowest […]

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Extreme Option Profits Chart of Day…Volatility Index ($VIX)

Markets have gone haywire. With plenty of global issues, pandemic numbers, and poor retail sales, investors are nervous. And rightfully so… With regards to the virus, the number of global cases is now up to 208 million, with nearly 4.4 million deaths. In the U.S. alone, there are 36.8 million cases to date, with 622,437 […]

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Fed Minutes Rock Wall Street

Federal Reserve

The stock market was cautious throughout Wednesday’s session and into the Federal Reserve’s July meeting minutes before a selloff ensued following a potential shift in monetary policy. The minutes hinted central bankers will consider reducing the Fed’s mortgage-backed purchase program, likely by the end of the year, but also suggested interest rates could still stay […]

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