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Stocks continue to drop

Stocks are sharply lower at mid-morning Thursday. The S&P 500 and the Dow Jones Industrial Average are both below their 200-day moving averages, which have been key support levels for months.

At present, the S&P 500 is down 1.42%, the DJIA is down 1.54%, and the NASDAQ is down 1.38%.

Industries doing well today include Construction Materials, Independent Power and Renewable Electricity Producers, and Commercial Services & Supplies. Industries showing weakness include Health Care Technology, Insurance, and Health Care Providers & Services. The VIX is up 2.08 to 18.05 after closing yesterday at 15.97. The most heavily traded options this morning are for the SPDR S&P 500 Trust ETF (SPY), with 25,000 Sept 21 240 puts on the board. The total put/call ratio as of 10:00 AM was 0.97 (250,880/257,567). The advancers/decliners ratio for NYSE stocks is 848/2,068, while the advancers/decliners ratio for NASDAQ stocks is 716/2,179.

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Bobby Raines

Bobby Raines is the Managing Editor of the Market Intelligence Center. He has degrees in Mass Communications and History from Emory & Henry College. Bobby worked at a mid-sized daily newspaper before making a switch to covering the financial industry full time in the years leading up to the financial crisis. He has been a member of the Fresh Brewed Media team since 2011 and has served as a writer and analyst. You can write to him at braines@marketintelligencecenter.com or follow him on Twitter: @BRatMICenter.