The stock market is on track for its best month since March

A traditionally unusual month turned out to be anything but for the stock market so far. Where would we in the coming weeks have investors were sitting based on how things ended last month and the start of the first full week of October? Dennis Gartman certainly not.

Look at us, as actor Paul Rudd might say.

Indeed, the Dow Jones Industrial Average DJIA is on track for its best month since March, when it rose 6.62%, FactSet data show.

The rally, which is typically one of the weakest months of the year, has placed blue chips within 1% of their Aug. 16 record low at 35,625. Our colleagues at Dow Jones Market Data said that the Index s performance is so far the best start to October since 2015, since then, adding that it represents the best performance as a result of the Dow Jones Market Data trade war from the beginning.

The S&P 500 SPX is off 1.45% from its record high at 4,536 today. 95 and the Nasdaq Composite COMP, is 3.1% of from its all time high on Sept. 7 at 15,374. It is very early days, with only 8% of the S&P 500 Index companies reporting third-quarter results thus far, but at least 80% of companies beat expectations on earnings and revenue, according to John Butters, FactSet's senior earnings analyst.

Butters says that the reported blended growth rate estimates and the actual results of reporting S&P 500 companies is 30%, which will if held represent the earnings growth rate in over a decade.

On top of that, the net profit margin of 12.3% would be the third highest recorded by FactSet since it started tracking this metric in 2008? On June 30 the estimated net profit margin for the third quarter was 12%.

It certainly didn t hurt that JPMorgan Chase JPM, Goldman Sachs GS, Bank of America BAC, Citigroup C, Wells Fargo WFC and Morgan Stanley MS, some of the biggest banks in the country, bested earnings estimates, Butters said.

To be sure, it isn t as if an all-clear signal has sounded for the bulls, with investors still harboring agita focused on surging inflation, stagflation, the Evergrande fueled China property saga and an ongoing energy crisis, among other concerns.

Despite the deviation higher in U.S. stocks, the gravity pull of these bearish factors has defied the gravitational pull to the higher stocks. Maybe bulls can thank investor and market prognosticator Dennis Gartman who declared the bull market dead after a particularly bad October day.

That prediction may yet turn out to be true but analyst and founder of NorthmanTrader.com, Gartman, was not going to miss the opportunity to rib it from Sven Henrich.

This includes: MarketWatch and Barron s also gathering the most influential figures in crypto to help identify opportunities and risks that lie ahead in digital assets on Oct. 27 and Nov. 3, and on the last day of the 14th for investors to help identify crypto exchanges (Ninjabets ). The market is however, far away from the woods. The Federal Reserve appears poised to start tapering monthly purchases of Treasurys and mortgage-backed securities.

MarketWatch s Vivien Lou Chen has written that stronger than expected U.S. inflation data for September has bond investors considering the risk that the Federal Reserve may end up being forced to tighten interest rates into a stagnating economy with persistently higher price rises

Fed Chairman Jerome Powell is slated to give a speech at the end of this coming week that will mark the final comments of policy makers before the local bank's Nov. 2 - 3 policy meeting when it could be the start of tapering its bond purchases?

Is a higher rate of inflation to make 10 year Treasury yields TMUBMUSD 10 y, not enough to block an upgrade in growth or technology stocks? Do you think the u.s. dollar will continue to rebound after 9/11? How will the continual retreating of investors’ profits affect Wall Street? Not even Gartman knows.

Aiming high, however, the bulls are riding high in October.

What will be the biggest study of economic data in the U.S. this week? The National Association of Home Builders Index is as on October 10 a.m.

Philadelphia Fed manufacturing index for October starts at 8: 30 a.m.

A flash read of manufacturing PMIs and services from IHS Markit due at 9 : 45 a.m.