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"There are no wrong turnings. Only paths we had not known we were meant to walk." – Guy Gavriel Kay

Good evening,

October began choppily, with the S&P 500 slipping 1.5% in the first three days of the month. Thus far in 2024, six out of 10 months have begun with declines, but eight out of the nine months have ended with stock-market gains. Thus, as Fundstrat Head of Research Tom Lee noted on Thursday evening, "the fact that we are down in the first three days is not entirely a signal for subsequent performance this year."

At our weekly research huddle, Head of Technical Strategy Mark Newton put it more bluntly: "The little bit of consolidation we saw at the beginning of the week was almost a non-event," in his view. "Look at the S&P 500," he said. "We're less than 1% from all-time highs. In my view, breadth has proven solid in recent weeks, and momentum and technical structure are in good shape," he said.