Major indices are in the red this Friday morning to kick off the month of December. The latest effort to pass a tax cut has apparently hit another snag. This is particularly significant as the GOP wants a major legislative victory before the end of president Trump’s first year in office. Regulators have given the OK for the creation Bitcoin futures which will trade on CBOE and CME exchanges.
Industries doing well today include energy equipment, independent power, and oil & gas.. Industries showing weakness include semiconductors, diversified consumer services, and auto components. The VIX is up 1.5% to 10.45 after closing on Thursday at 11.28. The most heavily traded options this morning are for the S&P 500 SPDR ETF (SPY), with 49,179 February-16 285 calls on the board. The total put/call ratio as of 10:00 AM was 0.59 (441,544/262,188). The advancers/decliners ratio for NYSE stocks is 1,348/1,471 while the advancers/decliners ratio for NASDAQ stocks is 1,021/1,710.