Gruesome economic report adds to the surreality as the market rises


After the Open... The market opened this morning in the wake of a stunningly bad first quarter GDP revision . In its third revision report, the Bureau of Economic Analysis set the actual U.S. first quarter 2014 GDP at -2.9%, the worst in more than five years. As this was truly unexpected, the financial media has yet to reach a consensus as to what is going on, but expect to hear more complaints about bad weather . Stocks, which fell on Tuesday afternoon, were initially directionless, but they now appear to be rising again.

Here are your Wednesday morning market metrics: Industries showing gains include Media, Pharmaceuticals and Chemicals. Industries going the other way include Food Products, Tobacco and Construction & Engineering.

The VIX is up 2.4% to 11.84 after closing on Tuesday at 12.13. Apple ( AAPL ) options are the most actively traded today, with 5,211 July 100 calls changing hands, as well as another 5,106  July 99.29 calls and yet another 5,077 June 90 calls. The put-call volume ratio is 0.80, (250,746/201,761). NYSE Adv/Dec 1,589/1,334. Nasdaq Adv/Dec 1,032/1,364. 

Julian Close 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, but now works for Fresh Brewed Media and uses his powers only for good. You can see closing trades for all Julian's long and short positions and track his long term performance via twitter: @JulianClose_MIC .

This article was originally published on

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Investing , Economy

Referenced Stocks: AAPL

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