And Gold (see parabolic chart) ... clearly being driven by geopolitical risk plus currency debasement fears (central bank buying with inflation hedging), while stocks are driven by anticipation of earnings & interest rate cuts, thus aligning two normally opposing forces. Plus I avoid crypto and if there's a 'danger' that the Administration is getting us into; it's trying to legitimize crypto. .. maybe so, but I don't trust it. Plus Quantum computers will crack the encryption; so as you saw with one so-called 'coin', suddenly the worth can evaporate in crypto (if you even presume it actually had any worth to start with). IF we get a good trade deal with China that might be a relief as if tariffs unwind so will hedging. (We still have 'freedom of speech' so I 'guess' it's ok not to be a Bitcoin fan.)

Typical pundits in media are reactive, and talk negatively 'after' the 'winners' of the year are up and having normal pauses; while hoping both to buy them (we suspect) and trying to urge investors to buy the overprice 'former' leaders as well as low-priced defensive stocks that had under-performed all year long.

It's dicey; of course there's a certain amount of risk even late in October; but at the same time there's opportunity as you're entering the Earnings Parade for Q3, where (as usual) forward guidance means more than retro numbers.

Market X-ray: just a few graphics with embedded comments tonight; as I'm sort of rushed; too many distractions but not finding this market particularly a challenge. Why? Because it is 'rocktober' and I'm generally less worried than all those who got worried 'after' most of this month is completed. Sure, you do have history of late October breakdowns; but they're not particularly common.. in this case risk might depend 'not' on corporate results but the crypto frenzy.

I'm tired of hearing pundits proclaim 'interest rates might rise and bonds fall'; I ponder the motivation of curmudgeons or those trying to gain attention trying to distort what's going on. The extended areas are more Gold and Bitcoin and less so interest rates, which should be working lower not higher; and as the U.S. economy staggers a bit (AI is not helping Job hires for now either); there is more probability of the 10-year Treasury going into the 3's than pressing 5; so I'm just observing there is an argument for equities to be absorbed, while a slew of fear-calls are out there; probably hoping to get more attractive pricing in the new-guard stocks so they can get in (tired as well of critics of success; who typically were not aboard and chastising the same stocks all year long).

Bottom-line: this market is still sketchy and I'm more concerned about crypto and hedges than equities per se; and discussed all this last week. So I won't comment more on speculation for the moment. Ideally we get a solid 'Earnings Parade' (or good enough with the usual sales on good news sometimes followed by rebounds) and progress with China (whose own economic slippage should prod cooperation with the U.S. if we're not too belligerent in negotiating); plus a probably Fed rate cut in the wings. I've been hearing from some antagonists who are really worried; and that's in most instances a good sign that the 'rocktober' shake & bake is about cooked enough where we get a reprieve, and you see some of that in a few tickers.