Stocks off the bottom but still underwater


If you like green, your going to like today’s stock market, which is up across the board. A familiar pattern is setting in, in which stocks fall due to global fear, then, finding it has nowhere else to go, money simply flows back into the same stocks. The attractiveness of stocks doesn’t seem to have improved, but the unattractiveness of the sideline is keeping the market going, for now, anyway.

The S&P 500 is up 1.26%, the DJIA is up 1.14%, and the NASDAQ is up 1.42%.

Here are your Wednesday morning market metrics. Industries doing well this morning include auto components, textiles and biotechnology. Industries showing weakness include leisure products, distributors, gas utilities.

The VIX is down 4% to 25.78 after closing on Tuesday at 26.89. The most actively traded equity options are for Alcoa (AA), with 6,513 November 10 puts changing hands. The total put-call volume ratio as of 9:00 AM was 1.27 (243,069/309,502). NYSE Adv/Dec 2,377/525. Nasdaq Adv/Dec 1,766/578. 

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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