Stocks had their October option expiration today.
The antics were abundant as stocks came in lower, but drifted higher during the day, and were jammed higher into the close for a gain.
The obsessive compulsive Street has decided that all is quiet on the Western front, and VIX has dropped back down to the ‘new normal.’
The meme is that the Fed will not be raising rates in the foreseeable future, and all that selling in China is done now that margin debt has been unwound.
The economy is lousy, and risks are mispriced, but why worry? The Fed can always bail us out.
Have a nice weekend.
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