Ben_BernenkeForeign manufacturing surveys for September are showing improvement over the August readings.   France was the exception with the PMI dropping to 42.7 from 46.0 in August.

Fed Chairman Bernanke will speak today at 12:30 ET.  The speech is entitled “Five Questions about the Federal Reserve and Monetary Policy.”

At 10:00 ET, the ISM Index for September will be released.  The consensus estimate is 49.7.

Overall, options market makers continue to have a bullish bias measured in net deltas on the S&P 500.  Since September 21, the trend has been down.  Our market sentiment indicator is also bullish but currently has a slightly negative trend.

On Friday, there was continued call buying in Delta Air Lines (DAL) with the action concentrated in the March 11 calls.  11,000 were bought for $0.52.  We saw identical volume in DAL on Thursday.

In technology, there was an opening buyer of approximately 3400 LVLT Dec 22 calls.

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