The market’s failing fortunes turned to flailing fortunes this Wednesday morning as stocks opened lower by three quarters of a percentage point. There is red across nearly all industries. Even gold and mining stocks are lower. Target (TGT) is down 7.6% to $55.55 after providing a stark forecast for the upcoming holiday season. One rare winner today is the Chinese internet video game karaoke dating social networking sight YY (YY), up 13% after reporting better than expected earnings.
Industries doing well today include only textiles and diversified telecom. Industries showing the greatest weakness include multiline retail, energy equipment, and building products. The VIX is up 18.6% to 13.75 after closing on Tuesday at 11.59. The most heavily traded options this morning are for the iShares Russell 2000 ETF (IWM), with 8,226 November-17 145 puts on the board. The total put/call ratio as of 10:00 AM was 1.28 (459,735/587,998). The advancers/decliners ratio for NYSE stocks is 731/2,133 while the advancers/decliners ratio for NASDAQ stocks is 810/1,932.