Much of the way traders expressed their bullish sentiment was in call buying, with 11/9 seeing an incredible surge in XOM calls – but this was also seen in other “back to normal” stocks like Carnival Cruises (CCL). With lack of further clarity around when things actually get back to normal, this call volume was subsided, and the stock is hitting resistance.
Note the chart here which shows XOM vs the preeminent “stay at home” stock, ZM. The 11/9 vaccine news drove a sharp dichotomy in performance. Read more…..
Chart of the Day
Jason Ware of Albion Financial Group discusses whether large cap tech names will continue to be the market leaders in the new year.