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“There is no such thing as perfection, there are only standards. And after you have set a standard you learn that it was not high enough. You want to surpass it.” ~Jascha Heifetz

Good evening:

Fundstrat Head of Research Tom Lee noted last week that he saw signs of “equity seller exhaustion,” while Head of Technical Strategy Mark Newton reminded us that October is known as a “bear-killer month.” The resilience displayed by markets for most of this week is consistent with this assertion. 

When markets opened this week, the tragic news from Israel had all of us horrified – and investors uncertain. Yet the major stock indices rose on Monday, prompting Lee to observe at the time that “the stock market reaction is telling us investors view the conflict as ultimately limited in time and scope. If there was a bigger selloff, I’d think that would tell us that the market was smelling something much more dangerous and engulfing.”