Market drifts in negative territory Each of the major equity indices remains in negative territory, but virtually unchanged from their midday levels. Investors continuing to wait for signs of a breakthrough in the fiscal cliff negotiations may be disappointed today and may need to carry their positions into the weekend with the issue still looming. The number of advancing and declining stocks are close to even, but up volume is a bit ahead of down volume. Crude oil prices are higher by about 1.0% and gold is up 0.8% in choppy trade. The Dow is down 15 points, the Nasdaq is down 18 points and the S&P is down 4 points.
Vanguard REIT ETF volatility at upper end of three-year range Vanguard REIT ETF overall option implied volatility of 18 compares to its 26-week average of 15 according to Track Data, suggesting large near term price movement.
SPDR S&P Oil and Gas Exploration and Production ETF volatility flat SPDR S&P Oil and Gas Exploration and Production ETF overall option implied volatility of 39 compares to its 26-week average of 38 according to Track Data, suggesting non-directional price movement as WIT oil is at a six-year low.