It’s a bright bright bright sunshiny day for the market.

 

Stocks are mostly in the green this Wednesday morning, but the Dow Jones is relatively flat, while the serious growth is in the tech-heavy NASDAQ. An overnight rise in the value of Chinese stocks got US investors off on the right foot. Morgan Stanley (MS) is up 3% after posting strong earnings, while IBM (IBM) is down an ugly 4.2% after missing on revenue. The US dollar has now fallen about 7% so far this year against a basket of other currencies, and that’s good news for any US company that does business elsewhere in the world.

West Texas Intermediate crude is trading at $46.62. At present, the S&P 500 is up 0.32%, the DJIA is up 0.06%, and the NASDAQ is up 0.32%.

Here are your Wednesday morning market metrics. Industries doing well today include biotechnology, construction & engineering, and diversified consumer services. Industries showing weakness include road & rail, trading companies, and airlines. The VIX is down 2% to 9.69 after closing on Tuesday at 9.89. The most heavily traded options this morning are for the PowerShares QQQ ETF (QQQ), with 8,527 August 143 puts, 8,428 August 140 puts, and 5,948 August-8 135.5 puts on the board. The total put/call ratio as of 10:00 AM was 1.08 (314,936/338,869). The advancers/decliners ratio for the NYSE is 2,091/775 and for the NASDAQ, 1,900/804.

Symbols: IBM MS QQQ
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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