Market of mixed moods

Directionless

Major indices are mixed this Wednesday morning, a subdued reaction to a just-passed tax bill with a lower corporate tax bill that will affect the bottom lines of many companies. It is not uncommon for traders to buy on the rumor and sell on the news, which may explain the falling NASDAQ. Micron Technology (MU) is up 4.1% after releasing better than expected results for its fiscal first quarter of 2018.

At present, the S&P 500 is up 0.07%, the DJIA is up 0.12%, and the NASDAQ is down 0.18%. West Texas Intermediate crude is trading at $57.74. Bitcoin is at $17,100 on Bitstamp, down more than $800 over the past 24 hours.

Industries doing well today include air freight, diversified consumer services, and commercial services. Industries showing weakness include tobacco, independent power, and software. The VIX is down 7.2% to 9.31 after closing on Tuesday at 10.03. The most heavily traded options this morning are for the SPDR S&P 500 ETF (SPY), with 25,342 December-29 269 calls and 25,007 December-29 264 calls on the board. The total put/call ratio as of 10:00 AM was 0.91 (444,990/403,476). The advancers/decliners ratio for NYSE stocks is 1,723/1,114 while the advancers/decliners ratio for NASDAQ stocks is 1,577/1,172.

Symbols: MU SPY
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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