After the open… Trading has been light this week, and option volume, in particular, has dropped off sharply. Why? Because the market hasn't seen such a rapid readjustment of commodity prices in more than a decade, and it isn't sure yet of all the possible implication of low oil prices and low natural gas prices. The end of QE3 may have something to with investor uncertainty, but there has not yet been the sort of rise in bond yields that would pull money out of stocks. The S&P 500 is currently down 0.25%.
Chinese stocks are up, following Alibaba (BABA), which is performing, as of now, like the dream IPO it was supposed to be.
Here are your Wednesday morning market metrics. Industries doing well today include Energy Equipment, Metals & Mining and Technology Hardware. Industries showing weakness include Gas Utilities, Electric Utilities and Multi-Utilities.
The VIX is up 2.25% to 13.21 after closing on Tuesday at 12.92. The most active option strike is for Blackberry (BBRY) with 10,123 January 11 calls changing hands. The put-call volume ratio is 0.73, (492,515/357,471). NYSE Adv/Dec 1,266/1,629. Nasdaq Adv/Dec 993/1,325.
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.