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Market bounces after tech hiccup

Major indices are in the green this Tuesday morning as traders move back into technology issues despite high valuations, falling gasoline prices, political scandals, and the near certainty of an interest rate hike tomorrow. The Dow Jones is at a record high today, as it is now rising along with NASDAQ, despite having mostly missed out on the dip. Missing out on today’s rally is the Cheesecake Factory (CAKE), which is down 10% after lowering its second quarter guidance.

West Texas Intermediate crude is trading at $45.74. At present, the S&P 500 is up 0.27%, the DJIA is up 0.26%, and the NASDAQ is up 0.54%.

Here are your Tuesday morning market metrics. Industries doing well today include industrial construction materials, internet/catalog retail, and internet software. Industries showing weakness include real estate management, trading companies, and multiline retail. The VIX is down 7% to 10.66 after closing on Monday at 11.46. The most heavily traded options this morning are for the S&P 500 SPDR ETF (SPY), with 2,546 July 236 puts on the board. The total put/call ratio as of 10:00 AM was 0.77 (277,728/212,809). The advancers/decliners ratio for the NYSE is 1,727/1,116 and for the NASDAQ, 1,656/1,049.

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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.