Stocks ended Thursday modestly higher on light volume. The session was rather volatile as investors were torn between strong corporate earnings and a surge in the U.S. dollar.

The Dow Jones Industrial Average ended up 38.60 points, or 0.35%, to close at 11,146. The S&P 500 rose 2.09 points, or 0.18%, to close at 1180, and the Nasdaq was up 2.28 points, or 0.09%, to finish at 2459.

Gold fell nearly 2% to a three-week low, while oil tumbled more than 2% on a sell-off sparked by the dollar's recovery.

CBOE Volatility IndexI:VIX calls were three times more active than puts as traders purchase protection for price fluctuations. VIX closed down $0.52, at $19.28, below its 10-day moving average of $19.59. November 30 and January 37 calls were active on total put option volume of 64,000 contracts compared to call volume of 232,000.

The SPDR S&P 500 ETF (SPY) - Get Report closed up $0.26, at $118.13. SPY overall option implied volatility of 20 is below its 26-week average of 23. 1.41 million put contracts traded compared to 664,000 call contracts, with October 22 (W) 118 puts as the most active series, trading 163,900 contracts. The October straddle is priced for SPY to move less than 1% into expiration on Friday, October 22.

The Power Shares QQQ Trust (QQQQ) closed up $0.10, at $51.29, on overall put contract volume of 197,000 compared to call contract volume of 120,000. QQQQ November put option implied volatility is at 22 and January is at 23, below its 26-week average of 25. Active put volume suggests traders are hedging their long stock portfolios with puts as the Q's trade near 33-month highs.

Macro catalysts for the remainder of the week include: The G20 Finance Ministers meeting which will take place in Seoul, South Korea on Friday and Saturday (October 22-23) and there are going to be two major issues on the agenda: Foreign Exchange and Basel/bank capital. There are no major economic data expected to be released in the U.S. on Friday.

The following notable companies are on deck to report quarterly earnings before the market on Friday: Honeywell (HON) - Get Report, Ingersoll-Rand (IR) - Get Report, KeyCorp (KEY) - Get Report, MB Financial (MBFI) - Get Report, Nestle (NSRGY) - Get Report, Shaw Communications (SJR) - Get Report, Schlumberger (SLB) - Get Report, T. Rowe Price (TROW) - Get Report, Verizon (VZ) - Get Report and Wipro (WIT) - Get Report.

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