Friday, which marked the 81st anniversary of the Crash of 1929 was the final trading day of what has been a strong October for stocks. The Dow climbed 3.06% during the month and the S&P 500 rose 3.69% for October, the Dow’s best October since 2006 and the S&P 500’s best October since 2003. This month’s climb has come on growing expectations that next week the Federal Reserve will announce more stimulus and midterm elections will lead to a Republican takeover of the House.
The S&P opened the week at around 1184 and closed the week at 1183. Tight range an understatement, as the market waits for election results and more closure on QE2, which will both be revealed on Tuesday. The greenback caught a dead cat bounce on Tuesday and Wednesday, but gave it all back on Thursday and Friday.
Brodadcom (BRCM) helped the Nasdaq, but MMM dragged on the DOW last week. GDP was better than expected , but still to weak to make a dent in unemployment.
Don’t for get to vote early and often, all the kids are doing it. Have a great weekend.
Here’s what’s moving.
Will Apple buy Sony?
Microsoft, Canesta and gesture recognition.
Who needs a bank when you can just tape 10,000 Benjamins under your desk?
How Geithner is channeling Keynes on trade.
Where’s Al Gore?
The dream phone is coming.
Shorting, QE2 and some psychology.
Say goodbye to Pontiac.
Did taxpayers pay for your cosmetic surgery.?
Springsteen and “Darkness”, my favorite Boss album.
Obama on Stewart, it wasn’t a softball interview.
The Ruler of Silk Road
The market told you last week that it’s waiting, it’s waiting for the first guy to blink. Will it be an epic “sell the news” event on Wednesday morning? Will the next 60 or 70 S&P points be up or down? Are you prepared to be short if the latter happens? Join my Premium Site to get some perspective on my approach in the coming weeks.