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Stocks came back to erase triple-digit losses on the Dow to end the session mixed. Tech and retailers rose into the bell as the market continued to digest a potential insider trader scandal as well as a lack of clarity over the direction of financially troubled European countries. In terms of trading, attendance and volumes were on the light side today, something that will only get worse as the week progresses. There was not a lot of chasing on the upside, but the tape remained very resilient and continued to have a tough time sustaining meaningful losses. The all-important SPX 1200 level technically remained resistant on the upside.

The Dow Jones Industrial Average ended down 24.97 points, or 0.22%, to close at 11,178. The S&P 500 fell 1.89 points, or 0.16%, to close at 1197, and the Nasdaq was up 13.90 points, or 0.55%, to finish at 2532.

The CBOE Volatility Indexundefined spiked over 11% intraday, but came back in to close higher by $0.33, at $18.37. VIX December and January 37.5 calls were active on total option volume of 29,000 puts and 202,000 calls.

Volatility on the SPDR S&P 500 ETF (SPY) retraced back as stocks rallied from session lows. The SPY is ended the day down $0.10, at $120.19. November weekly at-the-money (ATM) 119 put option implied volatility at 16, December monthly is up to 16 and January is at 18, below its 26-week average of 23. December 120 calls and November 26 (W) 119 puts are active on total option contract volume of 772,000 puts and 598,000 calls.

PowerShares QQQ Trust (QQQQ) volatility also decreased from intraday highs as the tech sector rallied back . The Qs closed up $0.44, at $52.91. November weekly put option implied volatility is at 15 and December monthly is at 17, below its 26-week average of 24. December 52 and 53 puts are active on total call option volume of 218,000 put contracts and 157,000 calls.

News flow will slow up meaningfully this holiday week, with the U.S. observing Thanksgiving on Thursday. Markets will be closed in observance and closed at 1 p.m. EST on Friday. For the Fed/Treasury, all eyes will be on the remaining auctions Tuesday-Wednesday (five-year and seven-year notes, respectively) given the back up in yields and the last round of sales (recall the last auctions, on November 8-10, were relatively sluggish, especially the thirty-year note).The FOMC minutes are due out Tuesday at 2:00 p.m. EST, and you can bet that traders will be picking about the language carefully to detect any wavering in resolve with QE2.

The following economic data are expected to be released Tuesday: ICSC Goldman Store Sales due out at 7:45 a.m. EST, GDP (first Q3 revision) and Corporate Profits at 8:30 a.m. EST, Redbook at 8:55 a.m. EDT, Existing Home Sales (10 a.m. EDT) and the FOMC minutes at 2:00 p.m. EDT. Notable companies to report before the open Tuesday include: BWS, CBRL, CPB, DAKT, EV, HRL, LTXC, MDT, ZLC; after the close: JCG, TIVO, VRGY.

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