Home Site Map About Us My Account Shopping Cart Help Sign In

Monday Morning Outlook: Uncertainty Is in the Air as Wall Street Prepares for Change

Should there be more fear reflected in the CBOE Market Volatility Index?

by Todd Salamone 11/10/2008 6:50 AM

Text Size |

Email a friend |

Print |

Keywords:

Today's in-depth look at the week ahead begins with a recap of last week's short-lived rally ahead of an historical Presidential election, and the subsequent sell-off heading into the weekend. Next, Schaeffer's Senior Vice President of Research, Todd Salamone, examines technical support and resistance levels for the S&P 500 Index (SPX), as well as several key sentiment indicators for the broad market. Joe Sunderman, Vice President of Financial Market Analytics, drills down on the CBOE Market Volatility Index (VIX) and its relationship with the SPX's 20-day historical volatility. Finally, we wrap up with a look at some key economic and earnings reports slated for release this week.

Recap of the Previous Week: An Historic Week Ends on a Sour Note
By Joseph Hargett, Senior Equities Analyst

Despite a strong finish, last week marked a return to the bear market, as all 3 of the major U.S. indices plunged about 4%. The first week of November started off benignly on Monday, as the Dow Jones Industrial Average (DJIA) dropped a mere 5.8 points, despite a report from the Institute for Supply Management (ISM) that its manufacturing index plunged to its lowest level since 1982. Tuesday saw the end of a nearly 2-year campaign for the office of President of the United States, as voters turned out in droves for the chance to make history by voting for the first African-American president, or the first female vice president. The market was in high spirits, as the Dow surged 305 points after lawmakers on Capitol Hill hinted that they may invest in a broader range of financial firms, such as GE Capital.

But Tuesday's election anticipation gave way to a "sell on the news" event on Wednesday, with the Dow falling 486 points following worse-than-expected results from the ADP National Employment jobs report and the ISM's non-manufacturing report. The sell-off extended into Thursday; the DJIA plunged 443 points as traders dealt with another round of negative employment data from the Labor Department, which indicated that continuing jobless claims hit a 25-year high. A poor earnings report from Cisco Systems (CSCO) didn't help matters, either. The maelstrom had blown itself out by Friday, as not even a 14-year high in the unemployment rate and a larger-than-expected drop in nonfarm payrolls could keep the major U.S. indices from rebounding sharply. The Dow added 248 points on Friday, but closed the week with a loss of more than 4%. Meanwhile, the S&P 500 Index (SPX) lost 3.9% last week, while the Nasdaq Composite (COMP) gave back 4.3% on a week-over-week basis.

What the Trader Is Expecting in the Coming Week: Support, Resistance, and Sentiment for the S&P 500 Index
By Todd Salamone, Senior Vice President of Research

On October 27, the S&P 500 Index (SPX) entered the week just above chart support near its mid-October lows and rallied. The index entered last week just below resistance from its October 17 highs and ended the week in the red. This week, the SPX starts out sitting smack in the middle of a month-long trading range between 1,010 and 850, which are levels to pay close attention to this week.

Intraday chart of the S&P 500 Index since October 20, 2008

Meanwhile, the 900 strike is home to heavy put open interest in the November option series, and could also provide an area of potential support. Since the SPX entered its current trading range last month, the index has closed below the 900 strike only twice. This region also marked the SPX's lows last week.

Last week, I discussed the powerful high-volume rally on the S&P Depository Receipts (SPY) on October 28 and the short-term bullish implications for the 2 weeks following the signal. This signal "shuts off" on Tuesday. For those of you keeping track, the SPY closed at 93.76 on October 28, and we'll know tomorrow if this signal preceded another bullish 10-day period.

Last Thursday, however, was somewhat of a mirror image of October 28. In other words, the SPY lost 5.5% on a day in which volume exceeded its previous 10-day average. In each of the previous 37 instances where this has occurred, it has essentially been a coin-flip probability as to whether the SPY finished higher or lower in the 10 days following such an event. However, the signal has bearish implications, since the average loss of 4.2% compares to only a 3.7% average gain.

We are also closely watching the behavior of the CBOE Market Volatility Index (VIX � 56.10) from 2 perspectives. First, the VIX continues to trade at a steep discount to the SPX's 20-day historical volatility, which has begun to level off just above 80% during the past few weeks. Our interpretation of this development is that there is little fear of another major setback in the market. Typically, such fear leads to major market bottoms. If fear and panic were elevated, the VIX would be trading above the actual volatility of the SPX.

Second, we are keeping an eye on the 44-45 area in regard to the VIX. We think this area is important, as it marked last week's low, and represents the VIX's "half-high" achieved on October 24. Moreover, this area is currently home to the VIX's rising 50-day moving average.

Even though we are in a period that has traditionally been strong for the market, investors should be cautious. Specifically, hedge funds remain a dominant force in the market, and are apparently still going through periods of de-leveraging. We saw more evidence of this de-leveraging on Wednesday and Thursday, as "forced selling" emerged with energy and steel stocks leading the market lower.

Along these lines, we've heard of several dates by which hedge fund investors must redeem their holdings. One such date is November 15, while the others lie at the end of November and December. Perhaps hedge-fund managers began raising cash last week in anticipation of the November 15 deadline. These deadlines may continue to plague the market in the weeks ahead, as hedge-fund managers use any signs of market strength to raise cash. Therefore, we recommend that you continue to avoid the sectors that hedge funds are heavily long, namely energy and technology.

Indicator of the Week: Is the VIX Showing Enough Fear?
By Joe Sunderman, Vice President of Financial Market Analytics

Background: The Chicago Board Options Exchange (CBOE) Market Volatility Index (VIX) is a sentiment tool that measures the market expectations for near-term volatility. The VIX is constructed using the implied volatilities of a wide range of S&P 500 Index (SPX) options. This volatility is intended to be forward-looking, and is calculated from both calls and puts. The VIX is often referred to as an investor "fear gauge," as it provides insights to how the investor community views future volatility. During challenging market periods, the VIX will tend to rise, as investors brace for higher levels of volatility. On the other hand, during quiet market periods, a low VIX is a sign that investor fear is subsiding.

In past commentaries on the VIX, I have either focused on the absolute level of the index or its trend. Today, I will take a closer look at the disparities between the SPX's historical volatility and the VIX.

Data Interpretation: The accompanying graphs offer 2 different depictions of the VIX and the 20-day historical volatility of the SPX. The first graph shows the VIX's trend and the action of the SPX volatility since the beginning of the year. There are a couple of noteworthy developments to point out. First, until August 2008, the VIX traded at a premium to SPX historical volatility. In fact, going back 18 years, the VIX has traded at a premium to SPX volatility more than 90% of the time. Thus, the natural spread is for the VIX to trade at a premium to SPX volatility. Second, there has been an unusual development since August in the relationship between the VIX and the SPX's volatility - a discount. Such a development is abnormal, as it has occurred less than 10% of the time in the past 18 years, but has occurred in 25 of the past 36 sessions.

The graph below shows the difference between the VIX and SPX volatility. This graph is more revealing in terms of the spread between these 2 related indicators. When the difference between the indicators is above zero, the VIX is trading at a premium to the SPX's volatility. On the other hand, when this indicator goes below zero, the VIX is trading at a discount to the SPX's volatility.

Chart of the spread between the VIX and the SPX's volatility

Historically, there have not been many occurrences when the VIX premium traded at a 30% discount or more - aside from the past month. Below are the dates of such occurrences:

11/7/2008 -30.22%
11/5/2008 -35.96%
11/4/2008 -42.51%
11/3/2008 -36.25%
10/21/2008 -33.92%
10/20/2008 -34.15%
10/14/2008 -38.44%
3/23/2007 -34.71%
3/22/2007 -36.97%
3/21/2007 -41.32%
8/16/2002 -37.03%
8/15/2002 -37.50%

Implications: It is difficult to draw a quantitative conclusion when there are so few historical references to draw upon. I do feel that this discount in the spread is a troublesome development. I remain concerned with the complacency I am seeing among option players. Bulls would want to see the VIX trading at a steep premium to SPX volatility, as a sign that fear is rampant among the investing community.

This Week's Key Events
By Joseph Hargett, Senior Equities Analyst

Here is a brief list of some of the key events for the upcoming week. All earnings dates listed below are tentative and subject to change. Please check with the respective company websites for official reporting dates.

Monday

There are no economic reports scheduled for Monday. In earnings, Energy Conversion Devices (ENER), Tyson Foods (TSN), Midway Games (MWY), Starbucks (SBUX), and Sirius XM Radio (SIRI) are scheduled to release their quarterly reports.

Tuesday

There are no economic reports scheduled for Tuesday. In earnings, Fossil (FOSL), Liz Claiborne (LIZ), Tyco International (TYC), and TJX Companies (TJX) are scheduled to release their quarterly reports.

Wednesday

The weekly release on U.S petroleum supplies is the lone report slated for Wednesday. In earnings, JA Solar (JASO), Applied Materials (AMAT), Computer Sciences (CSC), NetApp (NTAP), and Sina (SINA) are scheduled to release their quarterly reports.

Thursday

On the economic front, the latest report on U.S. weekly initial jobless claims is on tap, as well as September's trade balance and October Treasury budget reports. In earnings, Pan Am Silver (PAAS), Urban Outfitters (URBN), Wal-Mart Stores (WMT), and Kohl's (KSS) are scheduled to release their quarterly reports.

Friday

The economic calendar ends the week with a bang, with the release of October's import/export prices and retail sales, September's business inventories, and November's preliminary University of Michigan consumer sentiment index. In earnings, Abercrombie & Fitch (ANF), Agilent (A), and J.C. Penney (JCP) are scheduled to release their quarterly reports.

And now a few sectors of note...

Dissecting The Sectors
Sector
Insurance Bearish
Outlook: The government bailout of insurance giant American International Group (AIG) sharply adjusted the perception that the credit crisis was limited solely to the financial sector. Ever since, the group has come under heavy fire, with the S&P Insurance Index (IUX) falling more than 36% since September 16 - the day before the U.S. Federal Reserve Board approved the bailout loan. But trouble existed even before the AIG bailout, as IUX has fallen more than 60% since January, easily outpacing the S&P 500 Index's (SPX) drop of about 36% for the same time frame. The insurance index is now trading at multi-year lows, as it battles overhead resistance at the 150 level. However, investors have yet to fully capitulate to this poor performance, as the KBW Insurance SPDR's (KIE) Schaeffer's put/call open interest ratio (SOIR) of 2.06 ranks below 61% of all those taken during the past year. Furthermore, 7 of the 14 analysts following Aflac (AFL) rate the shares a "buy" or better, while 12 of the 14 brokerage firms following MetLife (MET) issue "buy" ratings. Should this elevated bullish sentiment begin to unwind, it could provide additional selling pressure for the sector.

Sector
Gold Bearish
Outlook: Gold remains an unreliable safe-haven investment, as the December gold futures contract plunged 18% during October, logging its largest monthly percentage loss since February 1983. Metals traders continued to fear government efforts to rescue the ailing financial industry in the U.S. and Europe. As such, gold has plunged more than 27% from its March 2008 highs above $1,000 an ounce. What's even more conspicuous is that gold prices reached that high level following the Bear Stearns debacle. But the failure of Lehman Brothers, Washington Mutual, American International Group, Fannie Mae, and Freddie Mac has failed to elicit the same kind of panicked safe-haven buying in gold. Along these lines, sentiment toward gold remains heavily bullish. Specifically, the SPDR Gold Trust's (GLD) Schaeffer's put/call open interest ratio (SOIR) of 0.38 indicates that calls outnumber puts by a ratio of about 3 to 1. Should this wealth of optimism for a rebound in the malleable metal begin to unwind, it could provide additional selling pressure, thus sending gold steadily lower.
Sector
Large-Cap Technology Bearish
Outlook: The tech-laden Nasdaq Composite (COMP) was the hardest-hit last week, dropping 4.3%, compared to lesser declines by its Wall Street brethren. Furthermore, the index was rejected by overhead resistance in the 1,800 region once again last week. In addition, the Select Sector Technology SPDR Fund (XLK) is trading below resistance at its declining 10-week and 20-week moving averages and is battling long-term resistance in the 17-17.50 region. On the sentiment front, there are still a number of overloved names within the technology sector. Microsoft (MSFT) has garnered 15 "buys," 5 "holds," and no "sells," while Google (GOOG) has acquired 20 "buys," 2 "holds," and no "sells." Even Apple (AAPL), with its year-to-date decline of more than 50%, remains a heavy bullish favorite. Currently, AAPL's SOIR of 0.76 rests in the lower quarter of its annual range, while 14 of the 20 analysts following the shares rate them a "buy" or better. With losses mounting, and confidence in the sector declining in the current economic environment, we could see this bullish sentiment unwind in the form of added selling pressure.

Discuss this article:

"Nice article. Oversold becomes more oversold and on and on. 'We're down so much it must be close to the bottom'. 'Typical bear markets last only so many months, so we must be about done with this one'. 'There is a lot of value out there'. Did'nt the value experts (Graham?) lose 70% of their net worth during the great depression? Buffett may repeat that this time around. Yesterday, I read an article on cnbc.com that said experts believe there is a 70% chance of a huge rally from now until the end of this year. There is a consensus that a bottom is in. This is a firm conviction shared by the majority. Your 21-day CBOE put/call ratio looks like it is resting, ready for another leg higher. Put these observations together along with your VIX observations... Bunker time. "
Respond

Post your own comment

Monday Morning Outlook: Taking Another Run At 1,100 on the SPX

(11/14/2009 12:47:34 PM)

The bulls proved their resilience last week. The Dow Jones Industrial Average (DJIA) gained a solid 2.5 % on the week, despite a mixed bag of earnings and economic news. Todd Salamone, Senior Vice President of Research, examines the September-November price action to date and finds an eerie replay of the May-July period. Todd also notes the stubborn resistance at the 1,100 level on the S&P 500 Index (SPX). Next, Senior Quantitative Analyst Rocky White notes the underperformance of small-cap stocks in the recent rally, and examines the relative strength of the Russell 2000 Index (RUT) vs. the DJIA. Finally, we wrap up with a look at some key economic and earnings reports slated for release this week.

read more...

Monday Morning Outlook: Dow Reclaims 10,000

(11/7/2009 3:24:11 PM)

A 200-point rally on Thursday brought the Dow Jones Industrial Average (DJIA) back above 10,000, a level it has been flirting with since mid-October. It had every reason to tank on Friday, when unemployment figures came in worse than unexpected. Instead, the Dow held. Todd Salamone, Senior Vice President of Research, examines several technical and sentiment indicators, including the performance of the CBOE Market Volatility Index, that help explain why the market held support last week. Next, Senior Quantitative Analyst Rocky White takes a look at November seasonality for the SPX during the past 30 years, and discovers that this once tried-and-true period of positive returns isn't quite as dependable as it once was. Finally, we wrap up with a look at some key economic and earnings reports slated for release this week.

read more...

Monday Morning Outlook: Long-Term Uptrend Intact, But Risks Lie Ahead

(10/31/2009 2:22:07 PM)

The Dow Jones Industrial Average (DJIA) once again played tag with the 10,000 mark last week, but headed sharply lower as the weekend drew nearer. Still, the Dow did manage to outperform its major counterparts for October, carving out a gain of 0.01% versus the S&P 500 Index's (SPX) loss of 2% and the Nasdaq Composite's (COMP) drop of 3.6%. The market remains rife with concerns, and Todd Salamone, Senior Vice President of Research, zeroes in on several of these potential hurdles in this week's commentary. In addition, Todd takes a closer look at put/call ratios for the SPX and the CBOE Market Volatility Index's (VIX) massive spike to close out the week. Next, Senior Quantitative Analyst Rocky White takes a look at the U.S. dollar, the massive amount of skepticism that has been directed toward the greenback lately, and the potential impact of this sentiment reading. Finally, we wrap up with a look at some key economic and earnings reports slated for release this week.

read more...

Monday Morning Outlook: Earnings Picture Is Rosy, but 10,000 Proves a Battle

(10/24/2009 12:25:12 PM)

The Dow Jones Industrial Average (DJIA) closed at 9,995.91 on Friday, Oct. 16, tantalizingly close to the 10,000 mark it temporarily conquered earlier in the week. Last week, earnings was the name of the game on Wall Street, and most companies acquitted themselves pretty well. How did the market react? It backpedaled, finishing Friday at 9,972.18, less than 30 points from the millennial mark. Todd Salamone, Senior Vice President of Research, revisits his discussion of the prior week, in which he forecast the likelihood of some short-term speed bumps. He sees continued churning in the weeks ahead. Todd also recommends your attention to Bernie Schaeffer's SENTIMENT magazine. Next, Senior Quantitative Analyst Rocky White takes a look at the Moving Average Convergence Divergence, a long-term market indicator better known as the MACD. Rocky finds that MACD is flashing a strong buy signal. Finally, we wrap up with a look at some key economic and earnings reports slated for release this week.

read more...

Monday Morning Outlook: Dow Tags 10,000, and Technicians See Speed Bumps Ahead

(10/17/2009 1:14:35 PM)

Well, the bulls couldn't make it stick, but even so, didn't it feel a whole lot better going up than it did going down? A year after plunging through the 10,000 mark in the midst of a financial, banking and credit crisis, and seven months after bottoming at 6,547.05 on March 9, the Dow Jones Industrial Average (DJIA) regained the millennial milestone. Although it couldn't maintain that perch by the week's close, the week still went into the "W" column, and 10,000 was just a sniff away. Todd Salamone, Senior Vice President of Research, sees this rally continuing, but focuses his technical analysis on a few short-term speed bumps that could materialize within the longer-term uptrend. Next, the coming week begins a five-week expiration cycle, and Senior Quantitative Analyst Rocky White takes a look at why these weeks are often been bearish -- with the notable exception of the most recent occurrence in July. Finally, we wrap up with a look at some key economic and earnings reports slated for release this week.

read more...

Monday Morning Outlook: Rally Continues in Face of Broad Skepticism

(10/10/2009 1:52:05 PM)

Driven by another solid round of economic data and a surprise quarterly profit from Alcoa Inc. (AA), the bulls stampeded back onto Wall Street last week. Well-rested from their two-week hiatus, bullish investors found renewed hope for the global economic recovery in better-than-expected manufacturing and sales data, as well as an interest-rate hike from the Land Down Under. While earnings are all the rage on the Street, next week is expiration week, and Todd Salamone, Senior Vice President of Research, revisits this volatile topic and its potential implications for the week ahead. Todd also examines the bearish tone in a lot of recent financial commentary. Lest we forget about earnings, Senior Quantitative Analyst Rocky White takes a closer look at Alcoa as the starting gun to earnings season, and whether the pace the aluminum giant sets has any impact on the rest of the market. Finally, we wrap up with a look at some key economic and earnings reports slated for release this week.

read more...

Monday Morning Outlook: A Strong Month, A Strong Quarter, And Then A Slowdown

(10/3/2009 4:45:43 PM)

Despite posting back-to-back weekly losses, Wall Street still finished September and the third quarter with solid gains. In fact, the S&P 500 Index (SPX) logged its seventh consecutive monthly gain. Still, the tone on the economic front was somewhat somber last week, as traders confronted weaker-than-expected data on the manufacturing and the jobs fronts. Looking for a leg up on the coming week, Todd Salamone, Senior Vice President of Research, revisits key levels for the CBOE Market Volatility Index (VIX) and the SPX, while examining the possibility of a sharper pullback due to three potential risks to the bullish case. Then, Senior Quantitative Analyst Rocky White takes a closer look at the SPX's seven-month winning streak, similar historical occurrences, and the potential implications for the current market environment. Finally, we wrap up with a look at some key economic and earnings reports slated for release this week.

read more...

Monday Morning Outlook: Despite Long-Term Uptrend, Bearish Sentiment Prevails

(9/26/2009 3:45:20 PM)

Housing data, the Federal Open Market Committee (FOMC), and the Group of 20, oh my! Last week's data deluge nearly sent the Dow Jones Industrial Average (DJIA) careening into the 10,000 level for the first time since Oct. 7, 2008, but the bulls quickly ran out of steam following the FOMC's policy statement. As a result, the DJIA peaked less than 100 points shy of 10K on Wednesday, and spent the rest of the week careening lower. Looking for a leg up on the coming week, Todd Salamone, Senior Vice President of Research, reviews key sentiment indicators, including the CBOE Market Volatility Index (VIX) and the 20-day historical volatility for the S&P 500 Index (SPX). Todd zeroes in on key support and resistance levels for the SPX and the Russell 2000 Index (RUT), offering levels to keep an eye on heading into next week. Then, Senior Quantitative Analyst Rocky White drills down on historical data concerning fourth-quarter seasonality for the Dow, revealing that Santa Claus may yet be paying a visit to Wall Street. Finally, we wrap up with a look at some key economic and earnings reports slated for release this week.

read more...

Monday Morning Outlook: Bulls Remain Firmly in Command

(9/19/2009 12:20:55 PM)

Solid economic reports and testimonials by Federal Reserve Chairman Ben Bernanke and President Barack Obama provided plenty of fuel for Wall Street bulls last week. Obama used the anniversary of the Lehman Brothers collapse to stump for tighter regulations on the financial sector, while Bernanke all but declared the "all clear" on the U.S. recession. As a result, all three of the major U.S. indexes soared more than 2% for the week. Looking ahead, Todd Salamone, Senior Vice President of Research, reviews important levels on the S&P 500 Index (SPX) and the Russell 2000 Index (RUT), and takes a look at what to expect in the week following quadruple-witching expiration. Todd also examines why the sentiment backdrop could support higher prices. Then, Senior Quantitative Analyst Rocky White takes a closer look at the supposed increase in volatility during quadruple-witching expiration weeks and comes to a surprising conclusion, including why Monday could be a rather rough trading session. Finally, we wrap up with a look at some key economic and earnings reports slated for release this week.

read more...

Monday Morning Outlook: A Definite Uptrend, But Speed Bumps Ahead

(9/12/2009 3:16:16 PM)

Improving economic data was once again the center of attention last week, and Wall Street bulls seized the opportunity to send stocks steadily higher throughout the week. Even China got in on the act late in the week, while merger and acquisition activity also boosted investor sentiment, allowing the Dow Jones Industrial Average (DJIA) to chalk up its seventh win in nine weeks. Looking ahead to next week, Todd Salamone, Senior Vice President of Research, examines the effect of triple witching and looks at some key resistance levels in some of the major indexes. He concludes that these are "speed bumps" rather than warning flags. Then, Senior Quantitative Analyst Rocky White takes a closer look at the practice of "window dressing" and whether the buying of outperforming stocks and the selling of underperforming issues during the last two weeks of a quarter has had any impact on the market in 2009. We wrap up with a look at some key economic and earnings reports slated for release this week.

read more...

SchaeffersResearch.com can alert you to new articles containing your favorite authors, ticker symbols or keywords. Enter your favorite authors, ticker symbol or keyword and click go.

Today's Most Popular Stories

Read

Emailed

<script language="JavaScript" src="http://c5.zedo.com/jsc/c5/ff2.js"></script><noscript> <a href="http://xads.zedo.com/ads2/r?n=457;c=166;s=1;x=1024;u=j;z=[timestamp]" target="_blank"><img border="0" width="120" height="60" src="http://xads.zedo.com/ads2/x?n=457;c=166;s=1;x=1024;u=j;z=[timestamp]" alt="Click here"></a> </noscript>	<script language="JavaScript" src="http://c5.zedo.com/jsc/c5/ff2.js"></script><noscript> <a href="http://xads.zedo.com/ads2/r?n=457;c=167;s=1;x=1024;u=j;z=[timestamp]" target="_blank"><img border="0" width="120" height="60" src="http://xads.zedo.com/ads2/x?n=457;c=167;s=1;x=1024;u=j;z=[timestamp]" alt="Click here"></a> </noscript>	<script language="JavaScript" src="http://c5.zedo.com/jsc/c5/ff2.js"></script><noscript> <a href="http://xads.zedo.com/ads2/r?n=457;c=168;s=1;x=1024;u=j;z=[timestamp]" target="_blank"><img border="0" width="120" height="60" src="http://xads.zedo.com/ads2/x?n=457;c=168;s=1;x=1024;u=j;z=[timestamp]" alt="Click here"></a> </noscript>	<script language="JavaScript" src="http://c5.zedo.com/jsc/c5/ff2.js"></script><noscript> <a href="http://xads.zedo.com/ads2/r?n=457;c=169;s=1;x=1024;u=j;z=[timestamp]" target="_blank"><img border="0" width="120" height="60" src="http://xads.zedo.com/ads2/x?n=457;c=169;s=1;x=1024;u=j;z=[timestamp]" alt="Click here"></a> </noscript>
<script language="JavaScript" src="http://c5.zedo.com/jsc/c5/ff2.js"></script><noscript> <a href="http://xads.zedo.com/ads2/r?n=457;c=174;s=1;x=1024;u=j;z=[timestamp]" target="_blank"><img border="0" width="120" height="60" src="http://xads.zedo.com/ads2/x?n=457;c=174;s=1;x=1024;u=j;z=[timestamp]" alt="Click here"></a> </noscript>	<script language="JavaScript" src="http://c5.zedo.com/jsc/c5/fo.js"></script><noscript> <a href="http://xads.zedo.com/ads2/r?n=457;c=171;s=1;x=1024;u=j;z=[timestamp]" target="_blank"><img border="0" width="120" height="60" src="http://xads.zedo.com/ads2/x?n=457;c=171;s=0;x=1024;u=j;z=[timestamp]" alt="Click here"></a> </noscript>	<script language="JavaScript" src="http://c5.zedo.com/jsc/c5/ff2.js"></script><noscript> <a href="http://xads.zedo.com/ads2/r?n=457;c=172;s=1;x=1024;u=j;z=[timestamp]" target="_blank"><img border="0" width="120" height="60" src="http://xads.zedo.com/ads2/x?n=457;c=172;s=1;x=1024;u=j;z=[timestamp]" alt="Click here"></a> </noscript>	<script language="JavaScript" src="http://c5.zedo.com/jsc/c5/fo.js"></script><noscript> <a href="http://xads.zedo.com/ads2/r?n=457;c=173;s=1;x=1024;u=j;z=[timestamp]" target="_blank"><img border="0" width="120" height="60" src="http://xads.zedo.com/ads2/x?n=457;c=173;s=0;x=1024;u=j;z=[timestamp]" alt="Click here"></a> </noscript>

Monday Morning Outlook: Uncertainty Is in the Air as Wall Street Prepares for Change

Should there be more fear reflected in the CBOE Market Volatility Index?

by Todd Salamone 11/10/2008 6:50 AM

SPX

SPY

VIX

stocks

options

etf

economy

weekly

	Schaeffer's Daily Q&A: What Is Put Selling Nov 20 2009 4:12 PM
Options Stew: A Taste of the Week's Spiciest Pl... View More...