Stocks ended higher for the week, but mixed Friday on light volume, despite a batch of largely stronger earnings reports. Even though it was one of the busiest weeks of the earnings season, perceptions have not changed much when it comes to the broader tape as the focus still remains on the bigger macro picture.

The Dow Jones Industrial Average ended down 14.01 points, or 0.13%, to close at 11,132. The S&P 500 rose 2.82 points, or 0.24%, to close at 1183, and the Nasdaq was up 19.72 points, or 0.80%, to finish at 2479.

Both the S&P 500 and the Nasdaq hit a golden cross this week, which means the 50-day moving average crosses above the 200-day moving average. From a technical analysis perspective, a golden cross is a signal that the indices could move higher.

CBOE Volatility IndexI:VIX November puts were aggressively traded in the last two hours on speculation that VIX will remain below $20.00, for the next four weeks. VIX closed down $0.48, at $18.78. November 20 and 22 puts were active on total put option volume of 185,000 contracts compared to call volume of 171,000.

SPDR S&P 500 ETF (SPY) - Get Report volatility declined as the 50-day moving average crosses 200-day moving average, another golden cross. The upward momentum indicator last occurred in June 2009, and SPY rose about 35% in the following ten months. SPY November put option implied volatility of 17 is below its 26-week average of 23. SPY closed up $0.22, at $118.36, on put option volume of 772,000 contracts compared to call volume of 521,000.

The Power Shares QQQ Trust (QQQQ) closed up $0.35, at $51.64. QQQQ November put option implied volatility is at 21 and December is at 22, below its 26-week average of 25, indicating lower movement in the near term. Put option volume of 182,000 contracts compared to call volume of 153,000.

The following economic data are expected for the week of October 25: Monday: Existing Home Sales due out at 10:00 a.m. EDT; Tuesday: ICSC-Goldman Store Sales at 7:45 a.m. EDT, Redbook at 8:55 a.m. EDT, S&P Case-Shiller HPI at 9:00 a.m. EDT, Consumer Confidence at 10:00 a.m. EDT, State Street Investor Confidence Index at 10:00 a.m. EDT; Wednesday: MBA Purchase Applications at 7:00 a.m. EDT, Durable Goods Orders at 8:30 a.m. EDT, New Home Sales at 10:00 a.m. EDT, EIA Petroleum Status Report at 10:30 a.m. EDT; Thursday: Jobless Claims at 8:30 a.m. EDT, EIA Natural Gas Report at 10:30 a.m. EDT; Friday: GDP at 8:30 a.m. EDT, Employment Cost Index at 8:30 a.m. EDT, Chicago PMI at 9:45 a.m. EDT, Consumer Sentiment at 9:55 a.m. EDT and Farm Prices 3:00 p.m. EDT.

We will have another busy week of corporate earnings, but most of the banks, big industrials, and tech have finished reporting. For financials, the focus will shift away from banks and towards insurers and Europe. Large-cap media and oil will start reporting in the coming weeks, as well as healthcare. There are a slew of important tech companies left to report, but most of the big macro trends from Q3 are known by now.

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