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TEN Exclusive: Options Update - 10/20/10

 The bulls wrestled back control of the markets today after yesterday’ s sell-off. However, we haven’ t made much movement this week and we are still trading in this consolidation range of 1064-1082 on the SPX. Corporate earnings have been solid for the most part but until we get the overseas markets to play along and some more clarity on the foreclosure issue, we’ ll be stuck in this range. The market hates uncertainty. It can absorb and bounce back from bad news but it hates muddied situations.

We remain bullish and we think that we’ ll see a breakout above this trading range by the weekend.

Weekly Economic Calendar:


  • The Labor Department will release the weekly new jobless claims figures. Meanwhile, the Conference Board will report on September leading indicators, and the Philadelphia Fed will provide a look at manufacturing in its region in October. In the earnings spotlight will be Alaska Air Group Inc. (ALK), AT&T Inc. (T), BB&T Corp. (BBT), Caterpillar Inc. (CAT), Freeport-McMoran Copper & Gold Inc. (FCX), Cirrus Logic Inc. (CRUS), Danaher Corp. (DHR), Eli Lilly & Co. (LLY), Entergy Corp. (ETR), Fifth Third Bancorp (FITB), Goodrich Corp. (GR), The Hershey Co. (HSY), Huntington Bancshares Inc. (HBAN), ITT Educational Services Inc. (ESI), JetBlue Airways Corp. (JBLU), Patriot Coal Corp. (PCX), Philip Morris International Inc. (PM), PNC Financial Services (PNC), PPG Industries Inc. (PPG), Southwest Airlines Co. (LUV), SunTrust Banks Inc. (STI), The Travelers Companies Inc. (TRV), Union Pacific Corp. (UNP) United Parcel Service Inc. (UPS), W.R. Grace & Co. (GRA) Xerox Corp. (XRX), Inc. (AMZN), American Express Co. (AXP), Capital One Financial Corp. (COF), The Cheesecake Factory Inc. (CAKE), Chipotle Mexican Grill Inc. (CMG), The Chubb Corp. (CB), Citrix Systems Inc. (CTXS), NCR Corp. (NCR), and SanDisk Corp. (SNDK).


  • There are no major economic reports scheduled for Friday. Honeywell International Inc. (HON), KeyCorp (KEY), Schlumberger Limited (SLB), and Verizon Communications Inc. (VZ) will report earnings.

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