After the open… The market is headed higher again today after yesterday's huge gains. At this rate, what was, at one point, nearly a ten percent dip will be erased by the end of the week. Ebola jitters have waned and the market is focused, as it should be, on earnings. As it happens, these haven't been spectacular – blue chips such as IBM (IBM), Coca Cola (KO) and McDonald's (MCD), and even hot newcomers like Chipotle's (CMG) and Netflix (NFLX) have turned in disappointing results. All in all, it must not be as bad as the market feared.
Here are your Wednesday morning market metrics. Industries doing well today include Internet Software, Building Products and Independent Power. Industries showing weakness include Life Sciences Tools, Electronic Equipment and Biotechnology.
The VIX is down 1% to 15.86 after closing on Tuesday at 16.08. The most active option strike this morning is Bank of America (BAC), with 11,241 October 17 calls changing hands. The put-call volume ratio is 1.01, (456,989/462,712). NYSE Adv/Dec 1,870/987. Nasdaq Adv/Dec 1,208/1,024.
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.