By Markus Heitkoetter
After the Bank of Japan surprised the world with an unexpectedly round of stimulus, stocks ended October with a bang!
The S&P opened Friday’s session at new all-time highs after the news. then remained range bound for most of the session. The S&P closed the session 23 points higher with a new all-time high close of 2018.05. Thanks to Friday’s strength the S&P ended the month of October 2.32% higher.
The DOW ended Friday’s session 195 points higher. With a close of 17390.52 the DOW entered the record books with a new all-time high as well. In one of the most impressive comebacks that we’ve seen, the DOW rallied 10% in the 2nd half of October to end the month with a 2% gain.
We’ll kick of the new week with ISM Manufacturing at 1oam ET on Monday. But the biggie this week will be Friday’s Jobs Report. Between the economic calendar and earnings releases, there’s a lot of information for the markets to digest this week.
Remember that in the U.S. we set clocks back an hour due to the end of Daylight Savings Time!
Metlife Inc. (MET) does it again! If you want to look at some beautiful trends look at a chart of MET.
With a recent Power Crossover Method Buy Signal at $50.89, traders were looking for an Average Daily Range Profit Target at $53.59. With Friday’s gap higher PowerX traders had a chance to take profits beyond the target.
It’s definitely late to jump on this trend, but we’ll keep an eye on MET to see if any new trends develop this year.