After the open… stocks began to rally with conviction after the price of oil apparently found a convincing bottom this morning, though that bottom no longer looks nearly as convincing as it did a couple of hours ago. There are no economic reports, but today's options expiration is amplifying all price fluctuations. Oil is over $76, gold is over $1,200, and all major indices are higher. The S&P 500 is up 0.8% to 2,069, the Dow is up 0.8% to 17,863 and the Nasdaq is up 0.7% to 4,734.
Here are your Friday morning market metrics. Industries doing well today include Metals & Mining, Electrical Equipment and Energy Equipment. Industries showing weakness include Airlines, Leisure Products and Diversified Telecommunications.
The VIX is down 1.8% to 13.33 after closing on Thursday at 13.58. The most active option strikes are for Applied Materials (AMAT) with 25,000 January 24 calls changing hands. The put-call volume ratio is 0.70, (456,802/321,532). NYSE Adv/Dec 2,601/312. Nasdaq Adv/Dec 1,841/503.
Julian Close has been a business writer since the first day of the twenty-first century, having written for PRA International and the United Nations Department of Peacekeeping. He graduated from Davidson College in 1993 and received a Master of Arts in Teaching from Mary Baldwin College in 2011. He became a stockbroker in 1993, but now works for Fresh Brewed Media and uses his powers only for good. You can see closing trades for all Julian's long and short positions and track his long term performance via twitter: @JulianClose_MIC.