Another week of nearly no volatility… in what has historically been one of the month’s most fraught with volatility.  Four very small days of gains to begin the week followed by a decent leg upward Friday.  Bulls continue to be in complete control and records of “little volatility” continue to be shredded.   The S&P 500 gained 0.9% for the week.   Apple took a hit Thursday and while the fall of the stock dented the NASDAQ a bit that day, the damage was not too serious.  The NASDAQ gained 0.4% for the week.

”The S&P 500 has made it through the first half of the typical volatile month of October quite well. While history told us to expect a more excitable tape, the trend has persisted. In fact, judging by the VIX’s continued slide, things have even gotten even calmer,” Frank Cappelleri, technical strategist at Instinet LLC, said in a report.  “As noted as October began, if the SPX can make it through next Monday, Oct. 23, without a big drop, it could break the record for consecutive days without a peak to trough 3% decline. The 1995-1996 period of 241 remains in first place for now,” he said.

According to Bespoke Investment Group, “2017 is tied for the fifth most closing highs on record, dating back to 1929.”

Little to note economically this past week, but industrial production in the U.S. rebounded in September after two straight declines, rising 0.3% in September, in line with expectations.

Semiconductor stocks have been on fire.

Big move in the housing stocks Thursday and Friday coming out of a big move a few weeks back.

Here is the 5 day weekly “intraday” chart of the S&P 500 .. via Jill Mislinski.

Americans’ top fears of 2017:

The week ahead…

Earnings of major S&P 500 companies will continue to dominate the landscape – heavyweights like Amazon and Google are set to hit.  President Trump seems to have narrowed his pool of choices for Federal Reserve chair – that announcement (one of these days) should provide a moment of volatility at least.

Index charts:

Short term: The 2 major indexes had 2 weeks of consolidation to help work off some excess.

The Russell 2000 rallied sharply a few weeks back and needed a rest to let some moving average catch up.  The 20 day moving average finally made it up to the price this past week.

The NYSE McClellan Oscillator is showing a bit of weakness.

Long term: The 5 year charts remain in unicorns and butterflies mode for bulls.

Charts of interest / Big Movers:

The Food and Drug Administration gave marketing clearance to TransEnterix’s (TRXC) robotic surgery device, propelling its shares 102% higher Monday.

Wednesday, IBM (IBM) logged it’s biggest gain since 2009 after the tech giant posted better-than-expected quarterly results.  This helped propel the Dow Jones Industrial Average over 23,000 for the first time ever.

Thursday, United Continental (UAL) sank 12% even as the airline reported an earnings beat despite weather-related cancellations.

Friday, Celgene (CELG) sank 11% after the biotech company abandoned three Crohn’s disease drug trials.

Skechers (SKX) soared 42% after the footwear retailer’s earnings out late Thursday beat analyst forecasts.

Atlassian (TEAM) jumped 25%. The Australian cloud-software company’s results and outlook beat forecasts after the close.

Have a great week and we’ll see you back here Sunday!

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