After the Open… Higher and higher, richer and richer. Fortunes are being made every day on Wall Street, or at least fortunes are being enlarged. Sadly, we learned this week of a continued drop in real wages, and that suggests the number of new participants in this great creation of wealth smaller than would be ideal. This could be the reason the market's gains aren't really stimulating the broader economy. It looks like it's just the usual suspects, getting richer, but if you're one of them—salut!
Here are your Friday morning market metrics: Industries climbing higher this morning include Electrical Equipment, Energy Equipment, and Construction & Engineering. Industries going the other way include Building Products, Software, and Internet & Catalog Retail.
The VIX is down another 1.5% to 10.45 after closing on Thursday at 10.62. Apple (AAPL) options are the most actively traded today, with 14,373 June 92.14 calls changing hands immediately ahead of expiration, as well as another 7,925 June 92.86 calls. The put-call volume ratio is 0.77. (447,265/343,873). NYSE Adv/Dec 1,476/1,338. Nasdaq Adv/Dec 1,171/1,083.
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.