Lack of fiscal cliff progress knocks 1% off averages The major equity indices remain in negative territory and each is down about 1.0%. Lack of progress on the fiscal cliff negotiations and a lower than expected consumer confidence reading are both contributing to the sessionís weakness. Declining stocks are ahead of advancing stocks by over 3:1 on both the NYSE and Nasdaq, while down volume is ahead of up volume on both by about 7:1. Crude oil prices are lower by 0.3% and gold is up fractionally. The Dow is down 133 points, the Nasdaq is down 33 points and the S&P is down 16 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.