Here’s a look at the market for the past several months. Does it look like we’re cresting?
Note that we’re on the cusp of earnings season. Here’s some observations from BTIG’s Mike O’Rourke regarding yesterday’s activity:
Today’s session in the Equity market was slow enough to put market watchers to sleep. It was officially the slowest session in 2010. The bond market was closed for the Columbus Day holiday. This may simply be a sign of the level of investor apathy towards Equities. The S&P 500 traded in a 35 basis point range until a 3 pm sell-off, which may simply have been investors checking to make sure their machines were not frozen. Considering 5 of the 10 major sectors closed within 10 basis points of Friday’s close and the biggest change was the 32 basis point gain for Telecom, flat would seem to be an understatement. The Vix gapped lower, then drifted lower to its lowest close since late April. Another likely key contributor to the slow trading activity is earnings season, which is about to pick up. Equity investors are hesitant to pay-up in a rally in advance of important news. Through the balance of the week, there are 18 companies in the S&P 500 expected to report earnings. The combined market capitalisation is $749 Billion, representing approximately 7% of the S&P 500. This first look at earnings season has a good blend of the economy: Tech (Google, Intel), Transport (CSX), Financial (JPM) and Industrial (GE).
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