Major indices are in the green this Tuesday morning as traders move back into technology issues despite high valuations, falling gasoline prices, political scandals, and the near certainty of an interest rate hike tomorrow. The Dow Jones is at a record high today, as it is now rising along with NASDAQ, despite having mostly missed out on the dip. Missing out on today’s rally is the Cheesecake Factory (CAKE), which is down 10% after lowering its second quarter guidance.
Here are your Tuesday morning market metrics. Industries doing well today include industrial construction materials, internet/catalog retail, and internet software. Industries showing weakness include real estate management, trading companies, and multiline retail. The VIX is down 7% to 10.66 after closing on Monday at 11.46. The most heavily traded options this morning are for the S&P 500 SPDR ETF (SPY), with 2,546 July 236 puts on the board. The total put/call ratio as of 10:00 AM was 0.77 (277,728/212,809). The advancers/decliners ratio for the NYSE is 1,727/1,116 and for the NASDAQ, 1,656/1,049.