Stocks head skyward

 

All major stock indices are headed straight up this Friday morning, as the market, aimless for most of the week, finally finds its direction. The optimism is due in part to this morning’s Goldilocks Employment Situation Report, which showed that the US economy added 151,000 jobs in August, which is good, but no so good as to trigger interest rate sensitive selling. The slide in oil prices stopped overnight, but prices have not bounced back. Petrobras (PBR) is up 5% this morning on the important, if not entirely joyous, news that 11,704 of its employees have accepted voluntary layoff.

West Texas Intermediate crude is trading at $44.38. At present, the S&P 500 is up 0.59%, the DJIA is up 0.58%, and the NASDAQ is up 0.66%.

Here are your Friday morning market metrics. Industries doing well today include independent power, metals & mining, and tobacco. Industries showing weakness include diversified consumer services, textiles, and healthcare technology. The VIX is down 10% to 12.14 after closing on Thursday at 13.48. The most heavily traded options this morning are for SPDR Gold Share (GLD), with 7,461 September 123 puts changing hands. The total put/call ratio as of 10:00 AM was 1.03 (322,274/331,677). NYSE Adv/Dec 2,392/426. Nasdaq Adv/Dec 1,742/680.

Symbols: GLD PBR
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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