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Stocks wobble

Major indices are wobbling back and forth this Wednesday morning. Investors appear wary, which is not too surprising considering the losses in tech stocks in the previous three sessions. There are some gainers from both old and new economy stocks, however. Square (SQ) is up 5%, catching some updraft from Bitcoin after announcing an expansion of its Bitcoin trading support. US Steel (X) is up 7%, rising at least in part due to rising iron ore prices. (US Steel mines iron ore.)

At present, the S&P 500 is down 0.05%, the DJIA is down 0.15%, and the NASDAQ is up 0.03%. West Texas Intermediate crude is trading at $56.71. Bitcoin is at $12,884—up another $1,000 in just the past 24 hours.

Industries doing well today include construction & engineering, electrical equipment, and independent power. Industries showing weakness include auto components, trading companies, and media. The VIX is down 1.4% to 11.17 after closing on Tuesday at 11.33. The most heavily traded options this morning are for the iShares MSCI Emerging Markets ETF (EEM), with 10,806 December-15 47 calls on the board. The total put/call ratio as of 10:00 AM was 0.8 (330,391/264,421). The advancers/decliners ratio for NYSE stocks is 1,134/1,735 while the advancers/decliners ratio for NASDAQ stocks is 1,055/1,704.

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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.