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.