After the open… When trading began, buyers moved in, hoping to turn the perceived crisis into an actual opportunity. The average P/E on the S&P 500 is now 18.71, so the air should be clear, for now, of fears of a valuation meltdown. Furthermore, early Q3 earnings reports have been more good than bad.
That doesn't mean this will be a smooth session, of course; sellers are also out in force. Thursday's session was brutal, world markets were tumbling overnight, and several unconfirmed reports of Ebola outbreaks are leaking into the mainstream media . Stocks are mixed at present, with the S&P 500 down 0.24%.
Here are your Friday morning market metrics. Industries doing well today include Tobacco, Gas Utilities and Multi-Utilities. Industries showing weakness include Semiconductors, Electronic Equipment and Trading Companies.
The VIX is up 1% to 18.59 after closing on Thursday at 18.76. The most active option strike this morning is Flextronics ( FLEX ), with 11916 November 10 puts changing hands. The put-call volume ratio is 1.38, (442,664/612,068). NYSE Adv/Dec 1,376/1,514. Nasdaq Adv/Dec 1,077/1,268.
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 MarketIntelligenceCenter.com
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.