· Last week, U.S. equity markets took a breather as the S&P 500 Index was slightly lower and the small cap Russell 2000 Index rose higher. The VIX Index remained between 20 and 25 throughout the week.
· This week, retail sales, Purchasing Managers’ Index (PMI) and Home Builder data will be released and the last Federal Open Market Committee (FOMC) meeting will take place Monday and Tuesday.
· Today, the S&P 500 Index is higher by nearly 30 handles, approaching the 3,700 level. Cruise operator and airline stocks have jumped on the first vaccine rollout in the U.S. The market also sees a window of opportunity for Congress to pass another stimulus bill ahead of the recess and before the new Congress meets next year.
· The VIX Index is lower by about 1 point and December VIX futures are trading around 22.40 ahead of expiration. The spread between January and February VIX futures is .80 cents.
· More than 11,000 December 40 VIX options calls were traded today.
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