Stocks are rising this Thursday morning in response to a rare confluence of positive indicators. Unemployment claims were reported this morning somewhat lower than expected and down from the previous week. In addition to solid employment, the price of West Texas Intermediate crude oil still remains below $52, having recently plunged from above $60. The dollar is also extremely strong against the Euro and the Yen, while gold has fallen to a fresh five year low.
In other news, Netflix (NFLX) is the world-beating company of the day, having recently split 7 for one. After the close of the market, the company reported a more rapid increase in subscribers than the Street was expecting, causing the stock to rise. NFLX is currently up 11.67% on the day.
At present, stocks are up. The S&P 500 is up 0.60%, the DJIA is up 0.17% and the Nasdaq is up 1.23%.
Here are your Thursday morning market metrics. The industries showing strength today include Internet & Catalog Retail, Tobacco, Electronic Equipment and Instruments & Components. The industries showing weakness today include Automobiles, Household Durables and Auto Components.
The VIX is down 7.71% to 12.21 after closing yesterday at 13.23. The most active options this morning is SPDR S&P 500 ETF (SPY) with 38,864 August expiring $185 puts changing hands. The total put-call volume ratio is 1.01 (358,022/354,009). NYSE Adv/Dec 2,230/689. Nasdaq Adv/Dec 1,807/616.
Julian Close became a stockbroker in 1995. In his 20 years of market experience, he has seen all market conditions and written about every aspect of investing. Julian has also written extensively on corporate best practices and even written reports for the United Nations. He graduated from Davidson College in 1993 and received a Master of Arts in Teaching from Mary Baldwin College in 2011. You can follow Julian’s daily hedged options trades and his unfolding market commentary via twitter: @JulianClose_MIC.