10/31/23 The Month You Want to Be Over


Markets open the week on an upbeat note. Buyers showed up in droves to scoop up stocks at lower prices.

Image from chaindebreif

After a choppy start, stocks advanced steadily throughout the session. 

The indexes closed green and near their session highs…

  • Dow Jones +1.6%
  • Nasdaq +1.2%
  • S&P 500 +1.2%
  • Russell 2000 +0.6%

Sector Round Up

All 11 sectors posted gains on Monday.

At the top…

  • Communications (XLC) +2.1%
  • Financials (XLF) +1.8%
  • Consumer Staples (XLP) +1.6%

At the bottom…

  • Healthcare (XLV) +0.6%
  • Energy (XLE) +0.3%
  • Real Estate (XLRE) +0.3%


After the close on Monday, the sharing image and idea platform Pinterest (PINS) reported earnings.

Images from Pinterest
  • Revenue and profits beat projections
  • Partnerships with companies like Amazon (AMZN) are paying off, according to Reuters
  • At writing, the share price is up more than 16%
  • If the gains hold, it will add about $3 billion in market cap


The bears keep trying to mount an offensive, but there is a missing ingredient.

Fear is largely absent from the market. Without fear, the market will rally… 

VIX Daily Candles – Chart from thinkorswim

The VIX dropped back below the critical level of 20 on Monday. This morning, it’s lower still.

The uptrend has yet to break. We’re watching for it to break out of the marked channel to confirm the seasonal bottom is in.

We’ve been buying the dip.

Your latest readout…


The last day of October is here. And October contains more market bottoms than any other month.

We maintain October is a good time to buy.

November brings a solid track record. Since 1950…

  • S&P 500 – #1 month
  • Dow Jones – #2 month
  • Nasdaq – #2 month
  • Russell 2000 – #1 month

We expect historical norms to hold true. Watch for a rally into the end of the year, barring some unforeseen developments.

Your complete November outlook will arrive tomorrow morning.


*Low Float
^Open Position

*GMM on watch
support at $2
support at $565
on watch
support at $11.50
SRRK support at $10, resistance at $12
EPAC support at $28, resistance at $29
LOGI resistance at $78

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