Market rally appears unstoppable

Major indices are rising this Wednesday, first of November morning. Global oil prices are rising as well, and Bitcoin has hit a new all-time high of $6,511. The Federal Reserve will announce its rate decision today at 2:00, and while no change is expected, the bigger news may be the extent to which traders are ignoring the coming decision, preferring to buy rather than wait. US Steel (X) is up 15% after an earnings beat and greatly improved guidance.

West Texas Intermediate crude is trading at $55.03. At present, the S&P 500 is up 0.39%, the DJIA is up 0.56, and the NASDAQ is up 0.15%.

Here are your Wednesday morning market metrics. Industries doing well today include personal products, metals & mining, and professional services. Industries showing weakness include healthcare technology, technology hardware, and diversified consumer services. The VIX is down 3% to 9.88 after closing on Tuesday at 10.18. The most heavily traded options this morning are for the iShares MSCI Emerging Markets ETF (EEM), with 108,037 December-15 47 calls, 108,003 December-15 48.5 calls and 108,227 December-15 44.5 puts on the board. The total put/call ratio as of 10:00 AM was 0.63 (586,370/369,029). The advancers/decliners ratio for NYSE 1,854/1,006 stocks is while the advancers/decliners ratio for NASDAQ stocks is 1,623/1,164.

Symbols: EEM X
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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