Expiration Friday...Volatility Day?

3:10 ET - As we posted BMO it should be an interesting day and it certainly has been...Volatility has been the word of the day as that black candle, turned black hammer, turned white hammer is now a black hammer again...leading stocks...have...well continued to lead...we hope you took advantage of PCLN and other leaders we mentioned in Thursday's webcast!

2:50 ET - The SPX daily chart has just changed from a black body hammer to a white body hammer after rising 24 points...Volatility...yes, just like Dave stated in Thursday night's webcast...a lot of volatility, not really a large net move but a wide trading range for the day. The intra-day VIX rose from about 45 to 52 before falling to 48.50 currently.

2:25 ET - The SPX fell to 754 around 1:15 ET, then a modest rally began and in the last 15 minutes has risen to 770, forming a hammer on the daily chart with just over 90 minutes to go. PCLN, AMZN, WBMD, RRGB as well as ESI, CECO and APOLcontinue strong, the gold stocks have cooled just a bit.

1:02 ET - Indices continue to trade lower as the DJIA is trading at a new low...the SPX is within 18 points of its 741 November 21 low which was expiration Friday in November...and the Nasdaq has moved below its January support low and is still more than 120 points above its November low.

Leading stocks continue to trade up: PCLN +0.98, AMZN +0.24, WBMD +3.55, RRGB +1.71, GOLD +2.40, GG +1.28, AEM +3.92, NEM +3.73

Education stocks ESI +7.58, CECO +2.90, APOL +2.45 are enjoying a rebound.

10:07 ET - SPX continues to rally from open...gold stocks continue strong...WBMD, RRGB continue to rise...

9:46 ET - WBMD, RRGB, JCOM up this morning after reporting better than expected earnings after the close on Thursday...

9:37 ET - GOLD, GG, AEM, NEM, ABX all open higher...ESI has turned positive...

9:32 ET - Gold and gold stocks are higher on the open...Education stocks CECO, APOL, STRA open higher...watch for a lower high here?

BMO - Eight minutes befor the open a small rally in the futures SPX -15 and Nasdaq -15...it should be an interesting day with some volatility. We'll see where the cash opens... Twenty minutes before the open SPX -18 and Nasdaq -20 futures are down pointing to a lower open. Friday, February 20, 2009 ABX +0.32 beat +0.30 RIO +0.39 below +0.45 JCP +0.94 beat +0.92 LPNT +0.63 below +0.64 LOW +0.11 below +0.12 Numbers exclude non-recurring items