Fast Money

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Fast Money

Just Spinning Wheels

If you feel like you’re spinning your wheels in this market, you might not be so far off the mark.

After 250-something earnings reports, by and large the S&P is little changed since Alcoa got things going on October 7th.

Ironically, 81% of the company who already reported topped expectations, according to Thomson Reuters. (That beats the previous record, set in the second quarter, when 73% of companies beat expectations.)

What should you make of the market action?

Karen Finerman, Tim Seymour and Joe Terranova all find it bullish that we’re flat.

The period between Labor Day and the end of October is typically a period of weakness, they explain. And as we mentioned above 81% of earnings have surpassed expectations though not always on the top line.

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Trader disclosure: On October 29th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour Owns (AAPL), (AA), (BAC), (BX), (EEM), (MYL), (INTC), (MSFT), (VALE); Seymour Is Short (FXI); Grasso Owns (AAPL), (ABK), (BA), (C), (COST), (PFE), (WMT), (FAZ); Terranova Owns (IBM), (QCOM), (GS); Finerman Owns (BAC), (PDE), (TGT), (WMT); Finerman's Firm Owns (PDE), (FLS), (RIG), (TBT), (YUM); Finerman's Firm Owns (BAC) Preferred; Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO), (UNG), (TLT); Jon Najarian Owns (INTC) Calls, Jon Najarian Owns (AMD) Calls

For Steve Grasso
Stuart Frankel Owns (MSFT)
Stuart Frankel Owns (PFE)
Stuart Franked Owns (SDS) with wires