Stocks rebound thanks to solid growth – and Nike

After the open… After fussing for most of the week, the market finally pitched its fit on Thursday, falling by 2% on the S&P 500. It seems to have been cathartic, as the buyers are coming out to play this Friday morning. The market now has several reasons for optimism, including solid 4.6% second quarter economic growth, strong August new home sales numbers, lower commodities prices, a strong dollar, and an extraordinarily good quarterly earnings report from Nike (NKE).

Here are your Friday morning market metrics. Industries doing well today include Textiles / Apparel, Technology Hardware and Energy Equipment. Industries showing weakness include Airlines, Healthcare Technology and Gas Utilities.

The VIX is down 2% today to 15.32 after closing on Thursday at 15.64. For big options action it's all Apple (AAPL) again today. There was a block of 17,156 September-26 100 calls changing hands and a block of 14,765 September-26 98 puts changing hands. This high-volume options trading on the weekly expiration days is something relatively new that is worth watching. The put-call volume ratio is 0.86, (748,851/643,848). NYSE Adv/Dec 1,780/1,158. Nasdaq Adv/Dec 1,505/884. 

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.

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.

You May Also Like