Market optimistically awaits Fed meeting


Stocks have opened higher this Wednesday morning, for the third time this week. There is relief among traders that oil’s price slide has halted for the time being, and even had a modest bounce, but there will likely be no huge swings in the market until after the Fed meets today at 2:00 PM. Brazil’s mining giant Vale (VALE) is up 5% today after being granted a license to mine in the Amazon.

West Texas Intermediate crude is trading at $43.44. At present, the S&P 500 is up 0.42%, the DJIA is up 0.39%, and the NASDAQ is up 0.47%.

Here are your Tuesday morning market metrics. Industries doing well today include metals & mining, air freight, and multiline retail. Industries showing weakness include technology hardware, internet & catalog retail, and REITs. The VIX is down 7.85% to 14.62 after closing on Tuesday at 15.92. The most heavily traded options this morning are for the SPDR S&P 500 ETF (SPY), with 25K September-23 218.5 calls changing hands. The total put/call ratio as of 10:00 AM was 1.11 (284,861/316,697). NYSE Adv/Dec 2,183/480. Nasdaq Adv/Dec 1,606/540.

Symbols: SPY VALE
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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