It’s the second day of trading in 2018, and in early morning trading, stocks are building on Tuesday’s gains, climbing ever higher, surpassing 7,000 on the NASDAQ for the first time and 2,700 on the S&P 500 for the first time. Fed minutes will be released later today, though it is hard to imagine anything in them that might dampen the Street’s current mood. AMD (AMD) is up 6.5% and NVIDIA (NVDA) is up 4% after a serious flaw was revealed in certain Intel (INTC) chips.
Industries doing well today include IT services, construction materials, and independent power. Industries showing weakness include diversified consumer services, airlines, and diversified telecom. The VIX is flat at 9.33 after closing on Tuesday at 9.34. The most heavily traded options this morning are for the Energy Select Sector SPDR ETF (XLE), with 28,878 March-16 75 calls and 13,418 March-16 72.5 calls on the board. The total put/call ratio as of 10:00 AM was 0.66 (398,498/261,632). The advancers/decliners ratio for NYSE stocks is 1,828/1,040 while the advancers/decliners ratio for NASDAQ stocks is 1,701/1,102.