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Riddle Me This

October 10, 2011

Good morning. It was a solid week to the upside last week, with the SPY gaining 2.3% to close at 115.71. The “relief” rally also caused the VIX to drop sharply to a level of 36.20, a weekly drop of 15.7%. A lot of this was due to a growing idea that the European debt situation was about to be more adequately addressed by the European Central Bank (ECB) and the governments of Germany and France.