Stock Market Blog -Sep 23rd

The market was pretty much flat this week, as quarterly Options expiration approached. I guess everything was positioned just right! AAPL pinned at $700 (I predicted that, based on the options open interest). Maybe we'll see a small correction in the market for October? The VIX is also at a very low level, typically a turning point for the market. Bonds could rally again.

New all time highs:   AAPL, ABT, AEP, ALXN, CAG, CBS, CCI, CMCSA, COV, CVX, DIS, DISCA, DRI, EXPE, FBHS, GILD, KORS, LNKD, LTD, PG, RAX, RGLD, TRV, WFM, XLV
All time lows:  VXX
Pops: CAG, KBH
Drops:  BBBY, FDX, JCP, NSC, QCOR, 

Next week: Economic reports 
Earnings reports from DFS, NKE, and RIMM

Market Commentary

The market could be ready for a pullback here -low VIX, quarterly Options expiration out of the way, Bonds rallying, etc. (see VIX chart below). October can be a volatile month, so buying 'volatility' could pay off (e.g. VXX). We could see a correction in AAPL too, now that the news is out. And problems with the Euro still lurk in the background. These are all contrarian views (the charts don't really point to a well defined top).

This week's charts:

Weekly Unemployment claims
S&P 500 -overbought/low VIX
OptionsMakeSense

VIX bottom = Market top?

Commodities/Futures (charts):
Crude Oil dropped, closing near $92.89
Natural Gas dropped a bit, closing near $2.89
Gold was mostly unchanged, closing near $1775
The 30 year Bond rallied, closing near $146.88
The US Dollar dropped, closing near 79.40

NEWS:
Stocks: U.S. economy in focus
Market Expects More Drama Heading Into Fourth Quarter
Bank of America reportedly plans to cut 16,000 jobs
Why Investors May Get a Flood of One-Time Dividends Soon
S&P 500: The Apple effect

Bearish Treasury Bets Hit a Record Amid Inflation Concern
The Recession That Won't End
Specter of China 'Hard Landing' Haunts Global Economy
The Next Panic