If you are a buy-and-hold investor or an indexer, you are probably pleased with the market action today. The indices quickly bounced back from a negative news story about Apple (AAPL) , poor earnings from eBay (AAPL) and a couple of negative headlines. We even had the backdrop of the 30-year anniversary of the 1987 crash to cast a shadow of worry, but none of that mattered as the indices closed nearly unchanged. The S&P 500 even managed a close in positive territory. (Apple is part of TheStreet's Action Alerts PLUS portfolio.)
If you are an active trader like me, you are probably disappointed with the action. Instead of some strong emotions and increased volatility, the market quickly reverted to the same pattern that has been in place for weeks. The early weakness is bought, the indices close near their highs and everyone seems to fall asleep in the middle of the day. It isn't very exciting for traders looking for some action.
At the end of the day, nothing changed. Not only was the uptrend firmly intact but the pattern and character of the action are the same. There was the potential for a failed bounce and some increased selling, but I suspect there are too many traders hoping for some sort of pullback and that is why it doesn't occur. As soon as a bounce starts, they forget those foolish hopes of some downside.
At the close, there was a news article that President Trump is favoring Jerome Powell as the new head of the Federal Reserve. This would be largely a continuation of Janet Yellen, and the market likes that possibility.
The never-ending uptrend continues.
Have a good evening. I'll see you tomorrow.
Join Jim Cramer, CNBC's Jon Najarian and Other Experts Oct. 28 in New York
Jim Cramer will host CNBC's Jon Najarian, TD Ameritrade's JJ Kinahan, famed analytics expert Marc Chaikin and other market mavens on Oct. 28 in New York City to share successful strategies for active investors.
You can join them as they discuss how smart investors can make the most of options trading, futures contracts, fundamental and quantitative analysis and great ETFs to buy right now. Participants will also get a chance to meet Jim and other panelists and take photos.
When: Saturday, Oct. 28, 8 a.m.-3 p.m. ET
Where: The Harvard Club of New York, 35 W. 44th St., New York, N.Y.
Cost: $250 per person.
Click here for the full conference agenda or to reserve your seat now.