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Oil glut worsens

Oil prices continued to fall over the weekend as the global glut of crude oil shows no signs of slowing. WTI crude is now trading near $42 per barrel. Stocks are slightly lower, but momentum seems to have shifted and they are now rising. Gold continues to rally and is now trading at $1,118 per ounce.

Tesla (TSLA) shares are rallying this morning after a Morgan Stanley (MS) analyst raised his price target on the stock from $280 to $465.

At present, stocks are down. The S&P 500 is down 0.50%, the DJIA is down 0.65% and the NASDAQ is down 0.40%.

Here are your Monday morning market metrics. The industries showing strength today are Metals & Mining, Media and Biotechnology. The industries showing weakness today are Personal Products, Distributors and Air Freight & Logistics.

The VIX is up 12.55% to 14.44 after closing Friday at 12.83. The most active options this morning is iPath S&P 500 VIX ST Futures ETN (VXX) with 31,125 August-21 expiring $27 calls and 31,110 August-21 expiring $30 calls changing hands. The total put-call volume ratio is .92 (557,976/604,582). NYSE Adv/Dec 1,178/1,736. NASDAQ Adv/Dec 1,049/1,358. 

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.

Julian Close

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 see closing trades for all Julian's long and short positions and track his long term performance via twitter: @JulianClose_MIC.