Overall, markets are giddy to be at or near the all-time highs again. However, there is also some fear from recent misses and uncertainty with the FOMC meeting just a couple of days ahead. Earnings and FOMC should be the lead stories with another heavy reporting list again this week and the Fed meeting on Tuesday and Wednesday.  On Monday, among the major names reporting before the Open are: T, CHKP, DTE, L, NLSN, and WBA.  The major economic news is limited to Sept. Trade Balance and Sept. Retail Inventories (both at 8:30 am).

Friday saw a rally with the QQQ closing at all-time highs and the SPY testing all-time high resistance.  The DIA and IWM both printed a Bullish Engulfing Signals, with the DAI bouncing up off the recent support level again and the IWM testing its resistance again as well.

The EU has decided on giving the UK a 3-month extension, (France folded from its support of Boris Johnson where they were pushing for an extension of only a few days.) However, as a middle-ground, Brexit can happen before January 31…if the UK can get their act together to be ready early.

Overnight, Asian and European markets were green and European markets are mixed, but mostly green.  As of 7:30 am, U.S. futures were indicating a gap up of 0.3% in the SPY, 0.5% in the QQQ and the DIA lagging with a gap-up of 0.2%.

Bulls are thrilled to be at the highs again.  However, with many more earnings and the FOMC still ahead of us, don’t be surprised by lighter volumes and we see a slow market Monday.  Be cautious, and remember to take profits along the way.

Ed

Trade ideas for your consideration. Long – KSS, HOME, PM, CNC, PNC, TSM, JBHT, AFL, COG, BERY, SNBR, JEC, JWN. Short – CINF, GD, KO, NOC. Trade smart, take profits along the way and trade your trade. Also, do not forget to check for upcoming earnings. Stocks we mention and talk about are not recommendations to buy or sell.

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