Original Link | RockwellTrading by Markus Heitkoetter
October is notorious for being one of the more brutal months of the year for investors.
But this October marked the least volatile month in history!
The S&P total return also made the history books with 12 straight months of gains, tying a record from April 1935 to March 1936.
Looking at the major indices, the DOW closed Friday at a record high for the 56th time this year, tying (gulp) 1987.
The week had plenty of headlines.
On Wednesday the Fed released their FOMC Statement and kept interest rates the same. On Thursday, Republicans unveiled their new tax plan and President Trump selected Jerome Powell as the next Fed chair. Without any real surprises, the news and Fed Statement had a minimal impact on the market.
But on Friday, the major indices grinded higher and finished near highs of the week with the S&P, DOW, and NASDAQ all finished with new record highs.
Although there was a lot of news and earnings to digest, it was another week of low volatility. In fact, the $VIX (aka Fear Index) finished at record lows.
— TRENDING NOW—
Learn The Strategy That Could Pay You Up To $2,000 or More Every Week
Here’s where the major indices ended the week:
- The S&P finished 0.3% higher. Up 7 points, the S&P ended at 2,588.
- The DOW ended with a 0.5% gain. Adding 105 points, the DOW closed at 23,539.
- The NASDAQ was up 0.9%. With a 63 point gain, the NASDAQ finished at 6,764.
Crude Oil (CL) closed higher for the fourth week in a row. Closing at $55.67, Crude Oil finished 3.3% higher with its best weekly close since early March.
This past week, Apple (AAPL) up 5.8%, Alibaba (BABA) up 4.0%, and Facebook (FB) all reported solid results. But Facebook only finished 0.6% higher after the company warned that their profits would be down as a result of spending on more security, as tech giants continue to come under pressure from the government.
Semiconductors are on an absolute tear. Friday afternoon, Bloomberg reported that Broadcom (AVGO) was exploring the acquisition of QCOM (Qualcomm) for over $70/share. Qualcomm finished the day up 12.5%, with Broadcom closing up 5.5%. After the bell, the Wall Street Journal reported that Cavium (CAVM) and Marvell Technology (M
Here are this week’s key reports (all times ET):
MONDAY – No major reports.
TUESDAY – Fed Chair Janet Yellen speaks at 3:30pm.
WEDNESDAY – Crude Oil Inventories at 10:30am.
THURSDAY – Unemployment Claims at 8:30am.
FRIDAY – Preliminary Consumer Sentiment at 10:00am.
— TRENDING NOW—
|
This “currency shock” could send Bitcoin to $10,000…
He’s predicting Bitcoin will reach $10,000… faster than what you might believe. But that’s nothing compared to the EVEN BIGGER opportunity this is creating: Imagine finding “the Bitcoin of the future”…. giving you a very real chance to double (or triple) your money, in no time flat. I can’t stress this enough: This is for greedy people only… those who want to milk this Bitcoin hype for every penny… Click Here To Find Out How Turn This “Currency Shock” Into Cash |
