After the open… Excitement over the Alibaba (BABA) IPO and relief over the preservation of the United Kingdom have given the markets the confidence to break into record territory this morning. Though many pundits urge caution, Alibaba appears to be oversubscribed by a factor of ten and will surely begin trading above the IPO price.
Here are your Friday morning market metrics. Industries doing well today include Oil & Gas, Biotechnology and Specialty Retail. Industries showing weakness include Airlines, Software and Building Products.
The VIX is down 3.4% to 11.62 after closing on Thursday at 11.60. There is huge buy-to-open volume of Pfizer (PFE) call options this morning, with 134,418 September 31 calls changing hands. This is likely dividend-seeking action, as is often seen on expiration day. The put-call volume ratio is 0.60, (499,576/301,253). NYSE Adv/Dec 1,832/922. Nasdaq Adv/Dec 1,392/869.
Julian Close has been a business writer since the first day of the twenty-first century, having written for PRA International and the United Nations Department of Peacekeeping. He graduated from Davidson College in 1993 and received a Master of Arts in Teaching from Mary Baldwin College in 2011. He became a stockbroker in 1993, but now works for Fresh Brewed Media and uses his powers only for good. You can see closing trades for all Julian's long and short positions and track his long term performance via twitter: @JulianClose_MIC.