After the Open... Indices are off to a flattish start today,
in what is to be a short session ahead of the long Fourth of July
weekend. The market received the official word on June
from the U.S. Labor Department and the news was quite good. The
economy added 288,000 jobs, well over the forecast 215,000. The
unemployment rate fell to 6.1%, a number that is starting to look
more "old normal" than "new normal." Finally, the number of
long-term unemployed fell to 3.1 million.
After years of slow economic growth and poor job creation, it
is striking that job creation would gain such strong momentum
now, given the terribly rough first quarter in which the U.S.
economy shrank by 2.9%. If
proves to have been strong in the second quarter, one might
conclude that the economy has passed through a healing crisis,
and certainly, these should be expected during periods of
Here are your morning market metrics for today's dog* session.
Industries doing well today include Machinery, Airlines and
Insurance. Industries showing weakness include Electric
Utilities, Multi-Utilities and Gas Utilities.
The VIX is down 3.14% to 10.48 after closing on Wednesday at
10.82. Bank of America (
) options are the most actively traded today, with 8,313 August
16 calls changing hands, and another 7,075 July 3 (weekly) 16
calls changing hands only hours ahead of their expiration. The
put-call volume ratio is 0.83, (332,701/293,161). NYSE Adv/Dec
1,487/1,366. Nasdaq Adv/Dec 1,417/848.
* Why is this a dog session? Because it is
has been a business writer since the first day of the
twenty-first century, having written for PRA
International and the United Nations Department of
Peacekeeping. He graduated from Davidson College in 1993
and received a Master of Arts in Teaching from Mary
Baldwin College in 2011. He became a stockbroker in 1993,
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