Stocks continued their climb higher right from the opening bell today and although we closed off of the highs, the market did put in some serious work and we are still on track for 1200 on the SPX by the end of the month. Today we had a strong mix consisting of strong economic data from China, stronger than expected earnings reports from some major companies and the aftereffects of yesterday’s release of the Fed Minutes. The VIX did spike during the session today but was quickly reined in as the bulls demonstrated their continued eagerness to buy stocks. A very positive sign. However, a few sectors chose not to participate in today’s rally and chief amongst them was the financial sector. Concerns about the foreclosure scandal continue to weigh on them. Once that mess gets cleared up, all systems will be go for a year-end rally. We still feel that this move has more room to the upside and we remain bullish into the weekend. Weekly Economic Calendar: Thursday Friday New Trade Idea:
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TEN Exclusive: Options Update – 10/13/10
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