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Oil continues to rise – stocks follow

Stocks are rising this Friday morning as investors continued to gain confidence that the global oil glut might be eased somewhat due to production cuts. There was also a big bounce on the Shanghai composite, which rose more than 3% overnight. Bucking the trend is Amazon.com (AMZN) which is down 9% after a serious earnings miss. The US dollar has been looking slightly softer this week, and the yield on the US 10-year treasury has fallen all the way to 1.94%.

West Texas Intermediate rose overnight to $33.95. At present, the S&P 500 is up 1.05%, the DJIA is up 1.17%, and the NASDAQ is up 1.03%.

Here are your Friday morning market metrics. Industries doing well today include software, independent power, and trading companies. Industries showing weakness include internet/catalog retail, REITs, and biotechnology. The VIX is down 4.5% to 21.34 after closing on Thursday at 22.42. The most actively traded equity options are for the iShares Russell 2000 (IWM), with 4,428 July 75 calls changing hands. The total put-call volume ratio as of 9:00 AM was 0.74 (414,505/307,344). NYSE Adv/Dec 2,497/326. Nasdaq Adv/Dec 1,898/347.

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Julian Close

Julian Close became a stockbroker in 1995. In his 20 years of market experience, he has seen all market conditions and written about every aspect of investing. Julian has also written extensively on corporate best practices and even written reports for the United Nations. He graduated from Davidson College in 1993 and received a Master of Arts in Teaching from Mary Baldwin College in 2011. You can see closing trades for all Julian's long and short positions and track his long term performance via twitter: @JulianClose_MIC.