We are running a little late today because we wanted to see how the market would hold up going into the afternoon. The bulls have managed to push the indexes to fresh session highs after a slow start and the bulls look poised to capture another weekly win.
One interesting development, the Volatility Index (VIX, 15.73, down 0.66) is down more than 4% to a new three-week low. For those of you who are new or unfamiliar with the VIX, it is an index that measure fear in the market.
A rising VIX means the market is nervous while a falling VIX is good for the bulls. Usually, a reading under 20 indicates confidence and calm while a reading above 30 indicates the bears are in control.
There is one stock we would like to cover before we roll out today. Biodel (BIOD, $2.80, up $0.30) is up another 10% following yesterday 25% pop. We profiled this company in our Weekly Wrap on Sunday night and said it could be active this week. We aren’t ready to jump back into the name just yet but we are keeping our eyes on it.
As we head to press, the Dow is higher by 40 points to 11,772 while the S&P 500 is up 6 points to 1,290. The Nasdaq is showing an advance of 12 points to 2,747. We have more good news regarding our current trades so let’s get to the updates.