Going from bad to worse

Wednesday, November 15, 2017 10:46 AM | Julian Close

The market’s failing fortunes turned to flailing fortunes this Wednesday morning as stocks opened lower by three quarters of a percentage point. There is red across nearly all industries. Even gold and mining stocks are lower. Target (TGT) is down 7.6% to $55.55 after providing a stark forecast for the upcoming holiday season. One rare winner today is the Chinese internet video game karaoke dating social networking sight YY (YY), up 13% after reporting better than expected earnings. West Texas Intermediate crude is trading at $55.10. At present, the S&P 500 is down 0.61%, the DJIA is down 0.56%, and the NASDAQ is down 0.66%. Industries doing well today include only textiles and diversified telecom. Industries showing the greatest weakness include multiline retail, energy equipment, and building products. The VIX is up 18.6% to 13.75 after closing on Tuesday at 11.59. The most heavily traded options this morning are for the iShares Russell 2000 ETF (IWM), with 8,226 November-17 145 puts on the board. The total put/call ratio as of 10:00 AM was 1.28 (459,735/587,998). The advancers/decliners ratio for NYSE stocks is 731/2,133 while the advancers/decliners ratio for NASDAQ stocks is 810/1,932.

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