Hyperactive neutrality seems like an amusing oxymoronic interpretation of markets, but that is essentially what we got on 'Expiration Friday'; fading into a weekend ahead of more 'presumed' good news Earnings Reports; 'CapEx' plans and of course the FOMC Meeting, and also a probably nominal rate cut. Wednesday not only has the Fed but major 'mega-tech' earnings at day's end:

Generally, although most volatile stocks bounced Friday morning, only to fade in late-day trading, is not unusual at all, ahead of a weekend, and Expirations have a tendency for stocks to gravitate toward a nearest round numbers with biggest 'open interest'; since this was a significant Expiration; even though it was not a monthly or quarterly (just lots of players speculating on 'rocktober').

Notably even the 'controversial' Quantum tickers gave back early gains. While Quantums are expensive now; that's not where the pricing focuses on, as any analyst or manager with experience knows that revenue isn't the importance 'yet'; but operating liquidity is (most have it after a few cash raises) and technological progress.

Some believe what they call the 'entry' of big-cap tech into the field softens all the importance of the pure-play Quantums; and that might be partially true in the fullness of time, but it also validates the technology as unfolding now; not years or decades in the future.

Market X-ray: that's preliminary of course; much can happen between now and year-end. And the Fed might not cut next week and defer until December. However I would prefer we do see another cut and even one more this year. I realize support for rate-cuts comes from economic slippage, not the tech wars that we are embroiled in with our 'new-guard' approach to the market for now.

Might see early week consolidation then higher; but hesitate ahead of the Fed decision; then respond to earnings; which should be alright for Apple and most; with Amazon a bit challenged (but we're not trading it; though Index cares). Geopolitical or other exogenous factors bear watching

Also note the continued tensions with Venezuela. Seems like finally we have an 'actual' War on Drugs setting-up; whether there's ulterior purposes or not. I don't think it's simply about Oil as some cynics say; because specific gravity of Venezuelan crude doesn't lend itself to most American refineries; just a few (and Trump earlier had made a deal for Chevron to resume operations; so we don't have a clear understanding of that). I gather that dispatching the USS Ford would not occur absent a clear plan going forward. Lots of firepower; and less procedural clarity as to what the 'aim' is other than stopping drugs. I suppose it is to replace Maduro in Caracas, and that's perhaps acceptable; however it should take place with an 'Address to the Nation' and explanation as well as a goal spelled-out for Congress and the American people before going further.

Bottom-line: the short-term 'should' or 'could' be ok; we very well may have nailed 'rocktober's' low with my suspicion of a trading bottom on Wednesday. So far the ensuing oscillations and consolidation into Expiration is satisfactory.

Next week, the Fed, earnings, China, perhaps issues in Europe (Ukraine too) and we'll see. But generally we think any early week consolidation ahead of a Fed meeting (or even digestion afterwards) is within gradually improving tone for the stocks that matter, almost irrespective (provided moves are mild) of the moves of the S&P itself. And the following week has 'Earnings / Guidance' in a concentrated fashion (several in one day) from a few of the followed tickers.

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