Short Version Today – No Top Ten Tomorrow.
1.Positive Earnings is Only Having Mild Upside Reaction
Equity Markets: Market reaction to better than expected earnings reports has been muted (on average).
Source: BofAML
Topley’s Top Ten – October 30, 2017
1.2017-The Least Volatile October Since 1928
And it is strange how quiet the market is. October, remember, is supposed to be the market’s most volatile month. Through Thursday, however, it was the least volatile October on record going back to 1928, according to Ben Bowler, global head of equity derivatives research at Bank of America Merrill Lynch
http://www.barrons.com/articles/stocks-surge-to-highs-as-tech-roars-again-1509158124
The Most Volatile Month Not This Year.
Topley’s Top Ten – Ocotober 24, 2017
1.ISM Hits a 14 Year High
But now, Kostin warns that this could be as good as it gets. He points to the ISM Manufacturing Index, which jumped to a 13-1/2-year high of 60.8 in September. Any reading above 50 signals growth.
“Although economic data are extremely strong now, an ISM reading above 60 typically marks the peak of growth and presages economic and equity deceleration,” he said. “Since 1980, the ISM has exceeded 60 in eight separate episodes; four of those lasted only one month.”
“Economic growth is the most important driver of corporate earnings and equity performance,” Kostin said.
Topley’s Top Ten – October 23, 2017
1.AAPL is 7.8% of the S&P Index
March 2009 Bear Market Bottom to Today….AAPL +940% vs. S&P +223%
Topley’s Top Ten – October 20, 2017
1.ROBO ETF +36% YTD vs. S&P +12%
Top Holdings
http://portfolios.morningstar.com/fund/holdings?t=ROBO
