After the open… Despite the 50% price drop, US oil stockpiles grew by 750,000 barrels last week, according to a Bloomberg survey. The news is causing yet another selloff in crude oil as investors around the globe search in vain for any sort of bullish sign about price of oil. The falling price of oil is accompanied by a continuing erosion of the value of the Euro against the dollar, and by falling interest rates. WTI oil is currently at $48.98 and the S&P 500 is up 0.05%.
Here are your Tuesday morning market metrics. Industries doing well today include Tobacco, Electric Utilities and Multi-Utilities. Industries showing weakness include Distributors, Road & Rail and Trading Companies.
The VIX is up 0.5% to 19.93 after closing on Monday at 19.92. The most active option strikes are for Apple (AAPL) with 13,450 January 115 calls changing hands – mostly sold to open. The total put-call volume ratio is 1.05, (249,752/262,105). NYSE Adv/Dec 1,575/1,304. Nasdaq Adv/Dec 981/1,263.
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.