I cannot remember a market week with so many significant events. Important economic data and testimony by Fed Chairman Powell would be a big week. But we also have the Trump/Putin meeting, the start of an important earnings season, and the daily soap opera from Washington. I complained to Mrs. OldProf that there was no clear-cut theme for the week. She replied that since anything might happen, that was the right theme. Since then, I have had the old Cole Porter tune in my head. The punditry should prepare for a week where Anything Goes.

Last Week Recap

In my last edition of WTWA I expected inflation data to attract attention. That was a very good guess, as the punditry looked for (and found) some signs of price increases. There was also continuing discussion of my prior week’s theme of reaching farther into the future to find bad news. It is encouraging to know that we are anticipating the popular topics. It does not, of course, tell us exactly what to do, but it is normally helpful for planning. This week is going to be different.

The Story in One Chart

I always start my personal review of the week by looking at a great chart. I especially like the versionupdated each week by Jill Mislinski. She includes a lot of valuable information in a single visual. The full post has even more charts and analysis, including commentary on volume. Check it out.

The market was up 1.5%, a very nice gain. The week’s trading range was only 1.2, lower than the last few weeks and much lower than the long-term average. I summarize actual and implied volatility each week in our Indicator Snapshot section below. Volatility is back below the long-term range.

Noteworthy

Where to work? Indeed names the top 50 companies in the Fortune 500. This table shows the top ten.