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Techniques of modern quantum optics allows for the preparation of atoms in well controlled quantum states ideal for precision measurements and tests of fundamental laws of physics. We report on our recent progress with a highly stable and accurate optical atomic clock based on ultracold fermionic 87Sr atoms confined in a one dimensional optical lattice. Currently, we have carried out a detailed evaluation of our clock at the 10-16 level and can report stability at 2 times 10-15 level at one second. At typical operating parameters for the clock we observe evidence of a density dependent clock shift. Operating the clock at a particular excitation ratio of ground state and excited clock state we observe a shift consistent with zero.