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Stocks pull back after Monday rally

After the Open… Stocks opened modestly lower this morning after Monday's big rally. In economic data out this morning Housing starts for October came in at 894,000, beating estimates for 840,000 and rising from the revised 863,000 figure for the prior period. There were 866,000 building permits issued in October, just shy of the 870,000 analysts expected.

Industries trading higher this morning include Recreational Products, Apparel Retailers and Broadcasting and Cable TV. Trading lower this morning are Schools, Catalog and Mail Order Retailers and Computer Peripherals. Hewlett-Packard (HPQ) is down 13%. Best Buy (BBY) is down 11%. Arch Coal (ACI) and Intel (INTC) are down 3%. Baidu.com (BIDU), JC Penney (JCP) and Research in Motion (RIMM) are up 2%. CNH Global (CNH) are up 4%.
 
The VIX is down down 0.11 at 15.13 after closing yesterday at 15.24. Options on Bank of America (BAC) have appeared on the most-active list today with more than 13,893 contracts of the January 10 call changing hands. The put-call volume ratio is 1.05 (221,857/210,733). NYSE Adv/Dec 1,180/1,654. Nasdaq Adv/Dec 875/1,310. [InvestorsKeyhole, various news and data sources]    

Bobby Raines

Bobby Raines is the Managing Editor of the Market Intelligence Center. He has degrees in Mass Communications and History from Emory & Henry College. Bobby worked at a mid-sized daily newspaper before making a switch to covering the financial industry full time in the years leading up to the financial crisis. He has been a member of the Fresh Brewed Media team since 2011 and has served as a writer and analyst. You can write to him at braines@marketintelligencecenter.com or follow him on Twitter: @BRatMICenter.