The equity market has seen a substantial turnaround this morning, with the Dow approximately 70 points off of its session lows. The market gave up an early bid in the first half hour of the session, sinking to lows right in front of the Philly Fed reading at 10:00 ET. The S&P held technical support around the 1232/1233 level, and the Philly Fed came in much better than expected, helping the market to reverse off those lows. Then after some consolidation, stocks surged higher as the dollar fell back to the flat line. The latest bid in stocks also follows the Fed's latest Permanent Open Market Operation, through which it purchased $6.78 bln of 2013/2014 maturities (dealers looked to sell $22.08 bln).
Tomorrow is the quadruple witching December options expiration -- the last of the year -- which could be having an impact as traders hedge expiring positions.
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