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Last week the major market averages traded in a narrow range, with the S&P 500 trading between 1246 and 1234, as they appear to be taking a small pause in the rally. I think there is a good change that they will breakthrough this range before the end of this week and start another move higher and if they don't do it this week they almost certainly will next week.

I just posted this video update on the stock market. To watch it click here.

The Federal Reserve is scheduled to announce its decision on monetary policy in a few hours at its 2:15 EST Federal Open Market Committee meeting. This has been one of the most widely anticipated Fed meetings I've ever seen because the Fed is expected to announce historic quantitative easing measures.

After the opening bell this morning the stock market opened higher with the DOW moving up 72 points as I write this. This has been one of the most talked about days of the past few months, because it is the day of US Congressional elections.

David Skarica's new book the Great Supercycle released by John Wiley and Sons is now available for purchase at Amazon.com. The book is expected to be in stores across the United States within a week, but is now available for advance order from Amazon with a nice discount off of its cover price.

Last week we had the first week of third quarter earnings. Most of the stocks that reported earnings that beat estimates - such as Intel - gapped up on their earnings news and fell. There were some bad spots too especially in banking and finance stocks as mortgage write-offs continue.

Shares of Apple (NASDAQ: AAPL) and IBM (NYSE: IBM) are pressuring stock market futures this morning after both companies announced earnings after the close of trading yesterday and saw their stocks slip in after-hours activity.

Apple was trading down six percent last night to mark its biggest single-day loss in two years.

After the close of trading today Intel Corporation (Nasdaq: INTC) announced earnings for the third quarter and beat analyst consensus estimates. Its stock is currently trading up fractionally in afterhours trading after rising 1.07% in today’s regular hours’ action.

Last month marked one of the best Septembers in years as the DOW rallied 7.7%, which made for the best September for the DOW since 1939. Bulls are excited about the rally and market while bears are wondering what is behind it. There are no signs of a big economic boom around the corner to justify the stock market going higher.