OPTIONSMART MORNING UPDATE: Found support

1. OUTLOOK: The market managed slim gains as investors weighed recent worries and the likelihood of Federal Reserve Chairman Ben Bernanke serving for a second term. After the close, Apple reported quarterly earnings and revenue that topped estimates, thanks to strong sales of iPhones. Shares rose 1% after-hours. The market is bound to walk a narrow path this week, especially through Wednesday,which brings the conclusion of the Fed meeting and the president's speech. U.S.futures point to a weak open. Apple up 2% in Europe. 

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2. FEAR METER: QQQQ implied volatility slid to 23 on earnings optimism.. 

About Implied Volatility.  Investor fear and greed play a significant role in financial markets. The question is, how can investors measure market sentiment in an emerging market situation? How can they gauge the fear? Volatility is a well-known measure of risk in financial markets. When volatility is low, there is a lack of fear. High volatility, however, suggests a fearful markets. Volatility can be calculated in two ways. Either from historical stock price data or from current option price data. Using the second method results in an implied volatility measure. It is a reflection of fear and greed amongst a wide group of market professionals. It’s not wise to ignore this parameter.

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