A bullish new year

The new year began this morning with a rumble, as everyone knew it would, as bulls from corners near and far are waking up and trying their legs on a new track—one free of the smothering over taxation many have come to expect. The guess here is that there may be a real boon to be seen in small and mid-sized companies (i.e. the ones not posting record profits anyway) and that that boon will make its way into Wall Street’s pockets soon enough. The new year comes with a rising price of oil and fierce opinions but no consensus, about the sustainability of the same. JC Penney (JCP) is up 4%.

At present, the S&P 500 is up 0.55%, the DJIA is up 0.49%, and the NASDAQ is up 0.98%. West Texas Intermediate crude is trading at $60.23. Bitcoin is at $14,508 on Bitstamp.

Industries doing well today multiline retail, healthcare equipment, and life sciences tools. Industries showing weakness include electric utilities, multi-utilities, and household products. The VIX is flat at 10.18. The most heavily traded options this morning are for the iShares Russell 2000 ETF (IWM), with 8,705 March-16 puts on the board. The total put/call ratio as of 10:00 AM was 0.77 (322,972/247,551). The advancers/decliners ratio for NYSE stocks is 1,962/827 while the advancers/decliners ratio for NASDAQ stocks is 2,011/873.

Symbols: IWM JCP
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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