Markets Sluggish In Early Trading

I was out all day yesterday and was not able to do any blogging.

This morning, the markets are opening on a weak note. There were lots of better than expected earnings reports this morning, but the reactions in the individual stocks have been mixed.

MasterCard (MA) reported blowout numbers, and that stocks is surging +10% higher. Corning (GLW) and Burlington Northern (BNI) are also higher after reporting solid results. But Visa (V), Archer-Daniels (ADM), and US Steel (X) are trading lower on their results.

The VIX is creeping back above 20 this morning, while the put/call opened at a very high level of 1.39. Maybe traders are trying to hedge recent gains in fear of more downside to come. Regardless, this spike in pessimism is preferred to a spike in optimism, from a contrarian perspective.

Asian markets were mixed overnight; oil and gold are both lower, with oil trading near $116.70; and the 10-year yield is easing back to 3.78%.

long MA