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Mining stocks pull indices lower

Major indices opened lower this morning after Monday’s strong rally, but quickly moved in the direction of the breakeven line as has been the recent trend. Their real direction for the day currently remains anyone’s guess. There is big movement in the mining sector today on news that the price of iron ore has continued to tumble. Vale S.A. (VALE) is down 3%, Freeport-McMoRan (FCX) is down 1.8% and Rio Tinto (RIO) is down 0.85%

West Texas Intermediate crude is trading at $52.50. At present, the S&P 500 is down 0.15%, the DJIA is down 0.3%, and the NASDAQ down 0.07%.

Here are your Tuesday morning market metrics. Industries doing well today include containers & packaging, personal products, and beverages. Industries showing weakness include trading companies, metals & mining, and pharmaceuticals. The VIX is up 1.3% to 14.8, after closing on Wednesday at 14.66. The most heavily traded options this morning are for Bank of America (BAC), with 4,764 December-15 25 calls on the board. The total put/call ratio as of 10:00 AM was 0.77 (354,238/274,507). The advancers/decliners ratio for the NYSE is 612/1,178 and for the NASDAQ, 465/896.

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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.