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New year begins with big gains for stocks

Major indices are well into the green this Tuesday morning as the market kicks off a four-day week to start 2017. The US dollar is also strong, rising against the Euro, Pound, and Yen. Traders seem to be shrugging off growing concerns over stock valuations, embracing the euphoria. Oil and mining companies are racing higher, particularly Petrobras (PBR) which is up 7.42%. NVDIA (NVDA), on the other hand, continues to fall back from its recent highs and is now down 2%.

West Texas Intermediate crude is trading at $54.91. At present, the S&P 500 is up 0.71%, the DJIA is up 0.67%, and the NASDAQ is up 0.75%.

Here are your Tuesday morning market metrics. Industries doing well today include metals & mining, construction & engineering, and textiles. Industries showing weakness include electric utilities, multi-utilities, and healthcare equipment. The VIX is down 2% to 13.76 after closing on Friday at 14.04. The most heavily traded options this morning are for the SPDR S&P 500 ETF (SPY), with 10,125 January-27 230 calls and 10,000 January-27 235 calls on the board. The total put/call ratio as of 10:00 AM was 0.9 (243,528/218,293). NYSE Adv/Dec 2,152/591. Nasdaq Adv/Dec 1,889/491.

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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.