Estimated earnings reports:
10/16 Netflix who cares they don't buy back stock
the big one Thursday October 25
Alphabet, Amazon, Intel and Microsoft So buybacks have ended for now.
11/1 A week later Apple. So Cook can still order buybacks through next Wednesday.
11/7 Tuesday Facebook I have not been keeping tabs, Have Mark and his CEO sold another couple billion dollars of stock this quarter?
11/8 Nvidia
So yes I am saying the two multi-trillion dollar liquidity tailwinds that propelled this market are the Fed balance sheet which stopped growing earlier this year and is now trying to reverse and the even larger stock buybacks which doubled in strength this year. But that wind is stopping for 30 days with the market at near record highs. Today was the last great hope for the bulls (other than the Orange Swan reversing his China policy) and a conference table miracle did not happen. I expect to see some short action until earnings and the election, then we will see.