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Traders seek direction

Major indices are flat and directionless again this Tuesday morning after a generally uneventful Monday session. Pepsico (PEP) reported a strong second quarter for earnings, but due to flat revenue, the Street is staying away, and shares are down 0.75%. Still getting no respect this morning is Snapchat (SNAP), down more than 5% after a wave of downgrades. Oh, Snap!

West Texas Intermediate crude is trading at $44.42. At present, the S&P 500 is down 0.12%, the DJIA is down 0.03%, and the NASDAQ is up 0.13%.

Here are your morning market metrics. Industries doing well today include multiline retail, independent power, and energy equipment. Industries showing weakness include trading companies, textiles, and construction & engineering. The VIX is up 0.9% to 11.21 after closing on Monday at 11.11. The most heavily traded options this morning are for the iShares Russell 2000 ETF (IWM), with 15,000 July 121 calls and 10,010 July 131 calls on the board. The total put/call ratio as of 10:00 AM was 1.42 (192,981/274,886). The advancers/decliners ratio for the NYSE is 1,202/1,586 and for the NASDAQ, 1,327/1,348.

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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.