The German high court ruled the country’s participation in the European Stability Mechanism constitutional.  This removes a potential negative for global equity markets.  European stock exchanges are up.  The focus is now on tomorrow’s policy announcement from the Federal Reserve.  Surveys suggest that approximately three-quarters of market participants expect an announcement of round three of quantitative easing (QE3).

Apple (AAPL) is stabilizing with the launch of their new iPhone 5.  Apple represents 20% of the Nasdaq 100.

Host Hotel & Resorts (HST) has jumped higher in the past week.  Institutional options buyers purchased 13,000 Oct 17 calls yesterday suggesting the stock rally will continue to run.

There was bullish buying in International Game Technology (IGT) concentrated on the Oct 17 Calls.

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