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Market dips after Apple announcement

The market can handle disaster, political turmoil, and the threat of nuclear war, but it will always react harshly in the event of a lackluster Apple (AAPL) product announcement, and indeed, Appleā€™s recent unveiling of the iPhone 8 and iPhone X lacked the appropriate luster. In other news, Bank of America (BAC) is up 0.5%.

West Texas Intermediate crude is trading at $48.64. At present, the S&P 500 is down 0.04%, the DJIA is down 0.05%, and the NASDAQ is down 0.09%.

Here are your Wednesday morning market metrics. Industries doing well today include multiline retail, energy equipment, and healthcare technology. Industries showing weakness include construction materials, technology hardware, and metals & mining. The VIX is up 0.2% to 10.61 after closing on Tuesday at 10.58. The most heavily traded options this morning are for Bank of America (BAC), with 21,268 December-15 25 calls on the board. The total put/call ratio as of 10:00 AM was 0.75 (314,017/236,154). The advancers/decliners ratio for NYSE stocks is 1,377/1,349, while the advancers/decliners ratio for NASDAQ stocks is 1,084/1,497.

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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.