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After the QE3 'Sugar Cube,' SPX Declines

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Also, sectors decouple: Witness the Dow Jones Transportation Average and the Dow Jones Industrial Average.

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The call for this week: Mark Twain once remarked, "October, this is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August, and February." However, if the typical presidential election year trading pattern continues to play, after a pause/pullback stocks should trade higher (see the below chart). And this week is full of economic reports that could cause a pause/pullback.

This week, we get the global manufacturing data and the US jobs data. The wildcard, however, is Spain. The bulls are hoping that last week's Spanish budget proposals will pave the way for a bailout request by Mariano Rajoy's government. If so, it would be a step in clearing some of the uncertainty in the eurozone. Whatever the news, I don't think stocks will pull back much from here.

No positions in stocks mentioned.
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