As anticipated it broke out of the narrow range, to the upside, because of the employment data. Got OEX OCT 720 calls as the market retreated back to 723r2. Now we have a range expansion. Next set of numbers are 732r2, 729r1, 725pvt and 722s1. The near term target is 732r2. It should be riding on r1. This is a classic buy signal with VXO's ugly head coming back down. Conservatively, there should be one to two more days of up momentum. It would not be surprising to see Tuesday’s FOMC minutes giving the market another push. After that, it will all be about earnings. Coincidentally, total index put/call ratio has dropped to a low point.
2c
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