October Market Rally Surprise

October 28, 2022

Happy Friday!

Apple saved the market and stocks ended higher for the week.

The market was on the ropes last night after disappointing earnings from Amazon had the huge miss from Meta, formerly Facebook.

What helped spark today's rally was better-than-expected inflation data, showing a possible peak.

That, plus a couple of upgrades for Apple and some analyst calls helped the market turn things around.

The Fed meeting is next week and it's expected they will raise by 75 points.

But the expectation from the market is that this will be the last aggressive rate hike.

The CBOE Volatility Index (VIX) closed this week at 25.

That's a 4-point decrease from last week and 7 points from two weeks ago.

Even though volatility remains elevated, we're seeing less worry.

But we will continue to see those 100-point swings in S&P 500. 

Now let’s talk shop.

Portfolio Update

Here’s a recap of what we did this week.

On Wednesday:

  • Buy-to-open CCL Nov. 18, 2022, $9/$10 call spread

Right now, we’re holding:

  • CCL Nov. 18, 2022, $9/$10 call spread

Have a great weekend and it's time to enjoy a ice cold spicy margarita - TGIF! 

Joshua M. Belanger

Joshua M. Belanger
Joshua Belanger is founder of CounterVest and the editor of Hot Money Trader. He has been providing ordinary investors blockbuster returns since 2008. In 2018, the average return of Hot Money Trader beat the markets by over 15%