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Stocks have no direction

This Wednesday, for the third morning in a row, major indices are mixed, although today, in a reversal of Monday and Tuesday’s trends, it is the S&P 500 and the DJIA that are up, while the NASDAQ is down. Oil prices continue to fall and interest rates are ticking lower, while the dollar is rising strongly against Yen, Pound, and Euro. Merck (MRK) is up 5% this morning after the FDA grated priority review for a lung cancer drug. Traders may be keeping their powder dry this morning, as Donald Trump has promised to give a press conference this morning, his first in 167 days, and the safe bet seems to be to expect the unexpected.

West Texas Intermediate crude is trading at $51.38. At present, the S&P 500 is up 0.14%, the DJIA is up 0.32%, and the NASDAQ is down 0.01%.

Here are your Wednesday morning market metrics. Industries doing well today include trading companies, airlines, and diversified consumer services. Industries showing weakness include metals & mining, biotechnology, and leisure products. The VIX is up 0.6% to 11.56 after closing on Tuesday at 11.49. The most heavily traded options this morning are for the SPDR S&P 500 ETF (SPY), with 7,122 February 216 puts on the board. The total put/call ratio as of 10:00 AM was 0.62 (334,811/209,037). NYSE Adv/Dec 1,650/1,146. Nasdaq Adv/Dec 1,091/1,237.

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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.