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Stocks higher, but Trump chaos intensifies

Major indices were mixed this Thursday morning after 24 hours of political tumult the likes of which America hasn’t seen since first Continental Congress. The dollar reversed course and had a bit of a rebound over the last 24-hours. Bond prices, however, are continuing higher. Cisco Systems (CSCO) is down a devastating 7.8% after announcing 1,100 jobs cuts. In the plus column,  NVIDIA (NVDA) is up 3.66%.

West Texas Intermediate crude is trading at $48.88. At present, the S&P 500 is up 0.46%, the DJIA is up 0.29%, and the NASDAQ is up 0.73%.

Here are your Thursday morning market metrics. Industries doing well today include technology hardware, semiconductors, and internet / catalog retail. Industries showing weakness include Communications equipment, independent power, construction materials. The VIX is down 8.5% to 14.27 after closing on Wednesday at 15.59. The most heavily traded options this morning are for the iShares Trust – iShares Russell 2000 ETF (IWM), 30,344 June 129 puts, 29,960 June 116 puts, and 20,844 May-26 133 puts on the board. The total put/call ratio as of 10:00 AM was 1.21 (487,560/544,766). The advancers/decliners ratio for the NYSE is 1,412/1,465 and for the NASDAQ, 1,532/1,171.

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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.