Oil rallies, but can stocks extend gains?


Stocks are mixed this Thursday morning, as global oil prices rise. The rise comes after an output freeze by Saudi-Arabia and Russia, as well as a decline in US crude inventories. In a reversal of the recent trend, the dollar has regained some lost value, and the gold rally appears to have come to a halt. the Jack-in-the-Box (JACK) badly missed earnings estimates this morning, and JACK shares are down 18%, while already beleaguered shares of SunEdison (SUNE) are also falling today, down 14%.

West Texas Intermediate crude is trading at $31.39. At present, the S&P 500 is down 0.18%, the DJIA is up 0.12%, and the NASDAQ is down 0.36%.

Here are your Thursday morning market metrics. Industries doing well today include IT services, consumer finance, and electrical equipment. Industries showing weakness include metals & mining, food & staples, and multiline retail. The VIX is down 0.5% to 22.17 after closing on Wednesday at 22.31. The most actively traded equity options are for Ultra Petroleum (UPL), with 10K February 2 puts changing hands. The total put-call volume ratio as of 9:00 AM was 1.07 (252,104/270,006). NYSE Adv/Dec 1,342/1,487. Nasdaq Adv/Dec 1,022/1,214.

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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