- US Empire Mfg improved to -8.48 in Oct vs -4 exp and -8.82 prev
- The Occupy movement has broad support in the polls. A new survey out from Time Magazine found that 54 percent of Americans have a favorable impression of the protests, while just 23 percent have a negative impression. An NBC/Wall Street Journal survey, meanwhile, found that 37 percent of respondents "tend to support" the movement, while only 18 percent "tend to oppose" it.
Multiple technicians noted that the VIX formed an island bottom on Friday, defined as when the Vix high on day t is below the lows on days t-1 and t+1. I did a quick historical study of VIX island bottoms over the past few years, and note that they have been good indicators of short term extrema:
This suggests that expectations of a breakout high may be premature.
On a side note: the NY Fed blog has an excellent history lesson: