Technology selloff continues


It is a brutal morning for technology shares on what will be, if the trend continues, the third straight session of declines for the tech-heavy NASDAQ. NVIDIA (NVDA) is down 2.5% as the Street sees more intense competition from rival AMD (AMD) down the line. Facebook (FB) is down 2.5% for reasons unclear. Many pharmaceutical stocks are bucking the trend, such as Intercept Pharmaceuticals (ICPT), up 4.45% after releasing a statement about safety concerns that have recently been weighing on the stock.

West Texas Intermediate crude is trading at $51.25. At present, the S&P 500 is flat, the DJIA is down 0.01%, and the NASDAQ is down 0.31%.

Here are your Monday morning market metrics. Industries doing well today include distributors, automobiles, and specialty retail. Industries showing weakness include internet software, internet & catalog retail, and semiconductors. The VIX is up 4.5% to 10.02 after closing on Friday at 9.59. The most heavily traded options this morning are Bank of America (BAC), with 20,000 December-15 26 calls on the board. The total put/call ratio as of 10:00 AM was 0.41 (1,859,751/771,651). The advancers/decliners ratio for NYSE stocks is 1,684/1,114, while the advancers/decliners ratio for NASDAQ stocks is 1,335/1,348.

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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