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Irma’s path avoids worst case scenario

Major indices are well into the green this Monday morning as the market joins Florida, and to a lesser extent, the country, in rejoicing that the monster hurricane Irma took a less destructive path than feared, losing its buzz-saw like eye-wall over Cuba before striking Florida’s west coast. Still, the storm, now tropical storm was and continues to be devastating; one hopes the celebratory tone does not prove premature. Finisar (FNSR) is up  2.76% after posting better than expected earnings.

West Texas Intermediate crude is trading at $47.09. At present, the S&P 500 is up 0.82%, the DJIA is up 0.85%, and the NASDAQ is down 1.16%.

Here are your Monday morning market metrics. Industries doing well today include leisure equipment, communications equipment, and real estate management. Industries showing weakness include specialty retail, construction material, and professional service. The VIX is down 11.8% to 10.69 after closing on Friday at 12.12. The most heavily traded options this morning are for The SPDR S&P 500 ETF (SPY), with 11,625 September-29 250 calls on the board. The total put/call ratio as of 10:00 AM was 0.88 (412,196/363,520). The advancers/decliners ratio for NYSE stocks is 2,320/525, while the advancers/decliners ratio for NASDAQ stocks is 2,070/653.

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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.