After the open… 2014 draws to a close, and the markets have become a giant, sprawling court of King Bull. Though King Bull didn’t expand his territory as much in 2014 as in 2013, his reign appears no less secure. If anything, the combination of low oil prices and improving US employment numbers means the King is likely to extend his reign another year—perhaps as likely or more likely than at any time since the reign began. The S&P 500 is up 0.17%.
West Texas Intermediate crude oil has fallen below $53 per barrel, and oil services company Civeo (CVEO) continues to implode, but the King’s court remains in high spirits. Tonight we raise a glass to empowered consumers and the higher corporate earnings they bring.
Here are your Wednesday morning market metrics. Industries doing well today include airline specialty retail and multiline retail. Industries showing weakness include energy equipment, independent power, and oil and gas.
The VIX is up 1.8% to 16.22 after closing on Monday at 15.92. The most active option strikes are for Atlas Energy (ATLS) with 28K January 50 calls changing hands. The total put-call volume ratio is 1.03, (190,406/196,143). NYSE Adv/Dec 1,685/1,253. Nasdaq Adv/Dec 1,388/975.