Stocks sag

Stocks are sagging this Friday morning, having apparently run out of energy after Thursday’s big gains. Oil is slightly higher than at this time Thursday, reversing a four-day trend. Williams-Sonoma (WSM) is down 13% at this hour, following the company’s announcement that it was acquiring the augmented reality company “Outward” for $112 million. One assumes the company’s management failed to ascertain what the market’s likely reaction to such a move would be. Bucking the Trend is Tesla (TSLA), up 2.1% after unveiling an electric semi-truck and a new Roadster that goes from zero to sixty in 1.9 seconds.

West Texas Intermediate crude is trading at $55.99. At present, the S&P 500 is down 0.12%, the DJIA is down 0.2%, and the NASDAQ is down 0.09%.

Industries doing well today include textiles, multiline retail, and specialty retail. Industries showing the greatest weakness include beverages, banks, and machinery. The VIX is down 4% to 11.29 after closing on Thursday at 11.76. The most heavily traded options this morning are for the iShares MSCI Emerging Markets ETF (EEM), with 20,002 December-15 46 calls on the board. The total put/call ratio as of 10:00 AM was 0.85 (362,913/306,690). The advancers/decliners ratio for NYSE stocks is 1,501/1,294 while the advancers/decliners ratio for NASDAQ stocks is 1,329/1,426.

Symbols: EEM TSLA WSM
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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