Dow And S&P Close Higher For The Week, Looking For More Gains

Stocks closed mixed on Friday, but the Dow and the S&P both finished higher for the week.

The up and down price action on display last week is typical of a market trying to put in a bottom. And I think we are getting closer to that coming to fruition.

In the meantime, the market continues to worry about the U.S. response to Saudi Arabia regarding their involvement in the murder of journalist, Mr. Khashoggi; trade tensions with China (amongst other things); and the upcoming midterm elections.

But we are expected to get some indication of the U.S. response this week; the U.S. and China plan on discussing trade and other matters at the G20 meeting on November 29th; and by that time, the midterm elections will have already happened and the market will know the political lay of the land.

On the plus side, this is still the month of October, which is considered to be the best month for stocks. (Most volatile as well. But also the most profitable.) And for the record, October, November, and December are the 3 best months in a row.

It's also earnings season. And as I've mentioned before, over the last 9½ years since this bull market began, stocks typically go up during earnings season. And if the previous earnings season was up (which it was), there's a 73% chance the next earnings season will be up too. And that earnings season is now.

So it's true there are some headwinds. But the tailwinds, in my opinion, are far more powerful.

And let's also not forget this is all happening while the economy is soaring.

We've got 1,024 companies set to report earnings this week.

Looking forward to a great week ahead.

See you tomorrow,

Kevin Matras

Executive Vice President, Zacks Investment Research

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