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The major U.S. indices put in a flat week with the S&P 500 (SPY) finishing higher by just +0.1%. Notable outliers, including Real Estate (IYR -1.9%), Midcap Growth (PWJ +2.3%) and Agriculture (DBA +2.0%), underscored the low volatility in their slight absolute magnitude.
Interestingly, Agriculture now represents the ten-month relative strength leader, followed closely by Precious Metals (DBP) - but there is no inflation, right?
Week Forty-Four of 2010 features national elections on top of an extremely busy economic reporting calendar, including a Wednesday Federal Open Market Committee (FOMC) rate decision and the monthly Friday Jobs Report, as follows:
- U.S. Economic Calendar
- U.S. Earnings Calendar
- Historical Market Analogues
- ETF Rotation Models [Custom]
October Monthly Summary
October provided an odd and assorted mix of sluggish economic reports, generally strong third quarter earnings, positive low-volatility price action fueled at times by the prospect of further quantitative easing, and yet diverging breadth and momentum.
In the end, nevertheless, the bulls prevailed, leaving the S&P 500, Dow Jones Industrials and NASDAQ 100 cash indices markedly higher on the month by +3.69%, +3.06%, and +6.33%, respectively. This left the three major indices likewise higher on the year by+6.11%, +6.62%, and +14.20%, with style and sector performances provided below:
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The Style-Box was calculated using the following PowerShares™ ETFs: Small-Growth (PWT), Small-Value (PWY), Mid-Growth (PWJ), Mid-Value (PWP), Large-Growth (PWB), and Large-Value (PWV). The Sector-Ribbon was calculated using the following Select Sector SPDR™ ETFs: Materials (XLB), Industrials (XLI), Energy (XLE), Staples (XLP), Discretionary (XLY), Financials (XLF), Technology (XLK), and Healthcare (XLV). The Standard & Poors 500, Dow Jones Industrial Average and NASDAQ 100 may be traded through ETF proxies, including the SPY or IVV, DIA and QQQQ, respectively.
Never Investment Advice: Prior Summaries
