All systems go

It’s the second day of trading in 2018, and in early morning trading, stocks are building on Tuesday’s gains, climbing ever higher, surpassing 7,000 on the NASDAQ for the first time and 2,700 on the S&P 500 for the first time. Fed minutes will be released later today, though it is hard to imagine anything in them that might dampen the Street’s current mood. AMD (AMD) is up 6.5% and NVIDIA (NVDA) is up 4% after a serious flaw was revealed in certain Intel (INTC) chips.

At present, the S&P 500 is up 0.33%, the DJIA is up 0.23%, and the NASDAQ is up 0.54%. West Texas Intermediate crude is trading at $61.04. Bitcoin is at $15,064 on Bitstamp.

Industries doing well today include IT services, construction materials, and independent power. Industries showing weakness include diversified consumer services, airlines, and diversified telecom. The VIX is flat at 9.33 after closing on Tuesday at 9.34. The most heavily traded options this morning are for the Energy Select Sector SPDR ETF (XLE), with 28,878 March-16 75 calls and 13,418 March-16 72.5 calls on the board. The total put/call ratio as of 10:00 AM was 0.66 (398,498/261,632). The advancers/decliners ratio for NYSE stocks is 1,828/1,040 while the advancers/decliners ratio for NASDAQ stocks is 1,701/1,102.

Julian Close

Julian Close

Julian Close became a stockbroker in 1995. In his 20 years of market experience, he has seen all market conditions and written about every aspect of investing. Julian has also written extensively on corporate best practices and even written reports for the United Nations. He graduated from Davidson College in 1993 and received a Master of Arts in Teaching from Mary Baldwin College in 2011. You can see closing trades for all Julian's long and short positions and track his long term performance via twitter: @JulianClose_MIC.

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