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Market still hot

Temperatures across the country will be a bit cooler today than they were last week, but it’s still hot. The same holds true for the market, which is flat/mixed during early trading. Political turmoil continues to dominate the news, and it now seems unlikely that Trumpcare will not pass in anything close to its current form. That’s essentially neutral news to traders, as most dislike Obamacare, many loathe Trumpcare, and all fear whatever might come next. Sprint (S) is down 2.5% and YY (YY) is up 4.25%.

West Texas Intermediate crude is trading at $46.50. At present, the S&P 500 is up 0.07%, the DJIA is flat, and the NASDAQ is up 0.23%.

Here are your Monday morning market metrics. Industries doing well today include metals & mining, multiline retail, and distributors. Industries showing weakness include independent power, air freight, and road & rail. The VIX is up 0.34% to 9.85 after closing on Friday at 9.51. The most heavily traded options this morning are for the iShares iBoxx $ High Yield Corp Bond ETF (HYG), with 19,700 August 87 puts on the board. The total put/call ratio as of 10:00 AM was 1.07 (251,105/267,961). The advancers/decliners ratio for the NYSE is 1,620/1,201 and for the NASDAQ, 1,373/1,337.

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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.