Market slow as Christmas nears

 

Major indices are slightly lower but mostly flat this Friday morning as trades slow down for the upcoming Christmas holiday. There is not much action on the Street at all this morning, except, of course, that everyone is talking about Bitcoin, the price of which was in near freefall for a few hours early this morning but has now stabilized. Overstock.com (OSTK) is down 6% today, apparently due to having successfully convinced the Street, with very bad timing, that it had something to do with cryptocurrency.

At present, the S&P 500 is down 0.06%, the DJIA is down 0.05%, and the NASDAQ is down 0.15%. West Texas Intermediate crude is trading at $58.09. Bitcoin is at $12,839 on Bitstamp, down more than $3,000 over the past 24 hours.

Industries doing well today include household products, diversified telecom, and food services. Industries showing weakness include textiles, trading companies, and construction & engineering. The VIX is down 2.5% to 9.39 after closing on Thursday at 9.62. The most heavily traded options this morning are for JD.com (JD), 2,155 December-22 42 calls on the board. The total put/call ratio as of 10:00 AM was 0.9 (235,200/211,543). The advancers/decliners ratio for NYSE stocks is 1,354/1,487 while the advancers/decliners ratio for NASDAQ stocks is 1,134/1,658.

Symbols: JD OSTK
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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