Believe it or not, we're 3/4 through the year and with that Wall Street staged a rally Friday just to keep with the notion that the economy is at least strong enough (and well enough supported by the Federal Reserve) to warrant the buying of stocks with which to dress up tha many portfolios managed by multi-billion dollar funds.
Friday's economic data included numbers on personal income (up 0.2%), personal spending (flat... oops), core PCE prices (up 0.2%), Chicago PMI (54.2, ahead of forecasts) and the University of Michigan survey on consumer sentiment (91.2).
All right, then, everybody's content, including the Fed, which did not raise rates and won't until Decemebr at the earliest, if at all.
In this sweet spot economy, it's a numbers game and a day-trader's paradise. There's really no serious investment going on, just reshuffling of the deck of S&P 500 stocks to own.
The week was essentially flat, marginally to the upside, as the major averages just bounced between winning and losing all week long.
As Country Joe and the Fish might have said, "Whoopie! We're all gonna die."
Friday's Flash:
Dow Jones Industrial Average
18,308.15, +164.70 (0.91%)
NASDAQ
5,312.00, +42.85 (0.81%)
S&P 500
2,168.27, +17.14 (0.80%)
NYSE Composite
10,721.74, +78.22 (0.73%)
For the Week ended September 30:
Dow: +46.70 (+0.26%)
NASDAQ: +6.25 (+0.12%)
S&P 500: +3.58 (+0.17%)
NYSE Composite: +3.75 (+0.03%)
Showing posts with label personal income. Show all posts
Showing posts with label personal income. Show all posts
Sunday, October 2, 2016
Friday, March 1, 2013
Stocks Reverse Early Losses, Close Near All-Time Highs
Does it really matter why?
The Dow was down 116 points in early trading (9:45 am ET) after the monthly report on personal income and spending showed a modest (.02%) increase in spending but a 3.6% decline in income, the worst such loss in 20 years.
Futures markets had been pointing to a lower open to the first day of March, and the data exacerbated the condition.
However, stocks began to grind higher, eventually staying positive after turning into the green at noon. The remainder of the session was fairly undramatic, with traders speculating on just when the new all-time highs would be breached.
It's inevitable, no matter how bad the news is.
Meanwhile, the top clowns in Washington - Obama, Boehner, McConnell, Reid and Pelosi (the Fumbling Five) agreed to disagree about the sequester and allowed the cuts to happen, the president taking to the podium to announce the foolishness just before the lunch hour.
The it was off to the golf course for a quick round and afterward, martinis with the "in" crowd.
Ugh. Really, it's that bad.
On the bright side, the number of new 52-week lows has been slowly but steadily rising. Nothing close to parity yet, but it is a trend worth watching. One could make a case that the Dow and S&P might make new all-time highs just in time for a market reversal. After all, the current bull market is entering its 49th week with only one correction of more than 10% (August 2001), and as bulls go, this one's getting a bit long on the hoof.
Additionally, oil finished at its lowest price of the year, hovering just above $90 per barrel. Now, if that trend continues and translates into lower fuel prices, this sequestration idea might just turn out to be OK after all.
At the end of the week, a colleague pointed out this well-researched article which points up the real US debt. And you thought it was just $16.6 trillion.
Dow 14,089.66, +35.17 (0.25%)
NASDAQ 3,169.74, +9.55 (0.30%)
S&P 500 1,518.20, +3.52 (0.23%)
NYSE Composite 8,874.19, +5.48 (0.06%)
NASDAQ Volume 1,869,785,125
NYSE Volume 4,125,383,750
Combined NYSE & NASDAQ Advance - Decline: 3447-2852
Combined NYSE & NASDAQ New highs - New lows: 250-78
WTI crude oil: 90.68, -1.37
Gold: 1,572.30, -5.80
Silver: 28.49, +0.058
The Dow was down 116 points in early trading (9:45 am ET) after the monthly report on personal income and spending showed a modest (.02%) increase in spending but a 3.6% decline in income, the worst such loss in 20 years.
Futures markets had been pointing to a lower open to the first day of March, and the data exacerbated the condition.
However, stocks began to grind higher, eventually staying positive after turning into the green at noon. The remainder of the session was fairly undramatic, with traders speculating on just when the new all-time highs would be breached.
It's inevitable, no matter how bad the news is.
Meanwhile, the top clowns in Washington - Obama, Boehner, McConnell, Reid and Pelosi (the Fumbling Five) agreed to disagree about the sequester and allowed the cuts to happen, the president taking to the podium to announce the foolishness just before the lunch hour.
The it was off to the golf course for a quick round and afterward, martinis with the "in" crowd.
Ugh. Really, it's that bad.
On the bright side, the number of new 52-week lows has been slowly but steadily rising. Nothing close to parity yet, but it is a trend worth watching. One could make a case that the Dow and S&P might make new all-time highs just in time for a market reversal. After all, the current bull market is entering its 49th week with only one correction of more than 10% (August 2001), and as bulls go, this one's getting a bit long on the hoof.
Additionally, oil finished at its lowest price of the year, hovering just above $90 per barrel. Now, if that trend continues and translates into lower fuel prices, this sequestration idea might just turn out to be OK after all.
At the end of the week, a colleague pointed out this well-researched article which points up the real US debt. And you thought it was just $16.6 trillion.
Dow 14,089.66, +35.17 (0.25%)
NASDAQ 3,169.74, +9.55 (0.30%)
S&P 500 1,518.20, +3.52 (0.23%)
NYSE Composite 8,874.19, +5.48 (0.06%)
NASDAQ Volume 1,869,785,125
NYSE Volume 4,125,383,750
Combined NYSE & NASDAQ Advance - Decline: 3447-2852
Combined NYSE & NASDAQ New highs - New lows: 250-78
WTI crude oil: 90.68, -1.37
Gold: 1,572.30, -5.80
Silver: 28.49, +0.058
Monday, June 28, 2010
Shaky Start to Big Data Week
This week will witness the final three days of the second quarter and the first two of the third as a precursor to what purports to be a very interesting 2Q earnings season.
The week kicked off with a very stubborn market, one which refused to push either to the upside or down, trading in a tight range throughout the session. Prior to the open, the first two data points for the week were released, showing personal income rising by 0.4% and personal spending up by 0.2%, both for the month of May.
Generally, the takeaway was unenthusiastic, as the numbers taken together imply tightening by households and individuals, unsurprising to most.
As the week progresses, however, economic data releases will become more and more essential to traders, culminating in the June non-farm payroll report on Friday. Tuesday's releases include the Case-Shiller 20-city Index and Consumer Confidence reading. On Wednesday, the ADP Employment Change, a precursor to the non-farm payrolls, and Chicago PMI will be well-anticipated. Thursday is chock-full of data on the economy, with Continuing and Initial Unemployment Claims kicking things off at 8:30 am. At 10:00 am, Construction Spending for May, the ISM Index for June and Pending Home Sales for May will be closely monitored along with Auto at Trusk sales for June at 1:00 pm.
That's a load of data for the market to digest, and recent indications are that by Friday, most of the nation will be at or near a state of melancholy, just in time for a long weekend, with markets closed in observance of Independence Day on Monday, July 5.
Dow 10,138.52, -5.29 (0.05%)
NASDAQ 2,220.65, -2.83 (0.13%)
S&P 500 1,074.57, -2.19 (0.20%)
NYSE Composite 6,736.60, -27.33 (0.40%)
Unlike the headline numbers, declining issues beat out advancers by a relatively strong margin, 3617-2858, indicating some position lightening. New highs managed to better new lows, 144-124. Volume was astonishingly light, it being a Monday, usually reserved for fund manager forays. While the light volume could be attributed to seasonality, it's more likely a function of fear. Nobody wants to get in front of data which may demonstrate weakness across the board.
NYSE Volume 4,504,852,000
NASDAQ Volume 1,767,528,125
Even commodities were selling off. Crude oil for August delivery dropped 61 cents, to $78.25, on the NYMEX. Gold plunged $17.60, to $1,238.20; silver fell in kind, off 34 cents, to $18.67.
There's absolutely no good reason to take a position in any stock at this juncture, long or short, though the shorts may beg to differ. With earnings due to kick off in a week's time, and, with the mountain of economic data this week, traders will have a difficult time making an argument for any type of equity.
Market sentiment remains clouded and slightly bearish, however, especially since there's still no resolution to the issues in the Gulf of Mexico, BP and their massive oil spill. Other conditions notwithstanding, the images of soiled beached and dead sea fowl continue to haunt the minds of just about anybody with a pulse and a conscience. It's a huge overhang on a market which already has much too much to be worried about.
Notably absent from the discussion were the weekend's G20 summit in Toronto, which produced little, if any, tangible prospects for the future. European nations banded together to promote austerity, with the larger nations - France and Germany - vowing to begin cutting deficits, while the US stuck to its easy-credit, spendthrift ways for the near term.
The death of West Virginia Senator Robert Byrd late Sunday evening threw a wrench into the passage of the recently-hammered-out financial regulation bill. It was unclear whether Democrats could muster enough votes to survive a possible Republican filibuster, even though the bill was so watered-down by completion that few saw it as meaningful reform in any way.
The week kicked off with a very stubborn market, one which refused to push either to the upside or down, trading in a tight range throughout the session. Prior to the open, the first two data points for the week were released, showing personal income rising by 0.4% and personal spending up by 0.2%, both for the month of May.
Generally, the takeaway was unenthusiastic, as the numbers taken together imply tightening by households and individuals, unsurprising to most.
As the week progresses, however, economic data releases will become more and more essential to traders, culminating in the June non-farm payroll report on Friday. Tuesday's releases include the Case-Shiller 20-city Index and Consumer Confidence reading. On Wednesday, the ADP Employment Change, a precursor to the non-farm payrolls, and Chicago PMI will be well-anticipated. Thursday is chock-full of data on the economy, with Continuing and Initial Unemployment Claims kicking things off at 8:30 am. At 10:00 am, Construction Spending for May, the ISM Index for June and Pending Home Sales for May will be closely monitored along with Auto at Trusk sales for June at 1:00 pm.
That's a load of data for the market to digest, and recent indications are that by Friday, most of the nation will be at or near a state of melancholy, just in time for a long weekend, with markets closed in observance of Independence Day on Monday, July 5.
Dow 10,138.52, -5.29 (0.05%)
NASDAQ 2,220.65, -2.83 (0.13%)
S&P 500 1,074.57, -2.19 (0.20%)
NYSE Composite 6,736.60, -27.33 (0.40%)
Unlike the headline numbers, declining issues beat out advancers by a relatively strong margin, 3617-2858, indicating some position lightening. New highs managed to better new lows, 144-124. Volume was astonishingly light, it being a Monday, usually reserved for fund manager forays. While the light volume could be attributed to seasonality, it's more likely a function of fear. Nobody wants to get in front of data which may demonstrate weakness across the board.
NYSE Volume 4,504,852,000
NASDAQ Volume 1,767,528,125
Even commodities were selling off. Crude oil for August delivery dropped 61 cents, to $78.25, on the NYMEX. Gold plunged $17.60, to $1,238.20; silver fell in kind, off 34 cents, to $18.67.
There's absolutely no good reason to take a position in any stock at this juncture, long or short, though the shorts may beg to differ. With earnings due to kick off in a week's time, and, with the mountain of economic data this week, traders will have a difficult time making an argument for any type of equity.
Market sentiment remains clouded and slightly bearish, however, especially since there's still no resolution to the issues in the Gulf of Mexico, BP and their massive oil spill. Other conditions notwithstanding, the images of soiled beached and dead sea fowl continue to haunt the minds of just about anybody with a pulse and a conscience. It's a huge overhang on a market which already has much too much to be worried about.
Notably absent from the discussion were the weekend's G20 summit in Toronto, which produced little, if any, tangible prospects for the future. European nations banded together to promote austerity, with the larger nations - France and Germany - vowing to begin cutting deficits, while the US stuck to its easy-credit, spendthrift ways for the near term.
The death of West Virginia Senator Robert Byrd late Sunday evening threw a wrench into the passage of the recently-hammered-out financial regulation bill. It was unclear whether Democrats could muster enough votes to survive a possible Republican filibuster, even though the bill was so watered-down by completion that few saw it as meaningful reform in any way.
Friday, May 28, 2010
Nose-Diving into the Weekend
At least stocks didn't gap up or down radically at the open today. Instead, they automatically reversed course against Thursday's gains, sending the major averages into a week-ending tailspin under pressure from foreign as well as domestic turbulence.
Prior to the open, personal income was shown to have grown 0.4% in April, most of the gain due to increases in government payrolls. Just before 10:00 am, the markets were dealt another blow of reality when both the Chicago PMI and University of Michigan comsumer sentiment index came in below expectations. Added to the 460,000 initial unemployment claims and lowered GDP estimate for the first quarter (to 3.0% from 3.2%) from Thursday, stocks were indeed lucky to receive any bids as the month of May for 2010 went down in the record books as the worst for stocks since 1940 - 70 whole years!
Those who insist that the US is on the road to recovery, or, already well down that road, are either not telling the truth or just too damn stupid to see the all-too-obvious signs on the road to ruin, the one the US has actually embarked upon.
The current and future fate of these United States was summed up brilliantly by casino-operator and real estate mogul, Steve Wynn, who, along with other gems of insight invoked Alexis de Touqueville, who predicted in 1909 that "the American system of democracy will prevail until that moment when the politicians discover that they can bribe the electorate with their own money." More of Wynn's caustic, cutting remarks can be viewed in the video below.
Dow 10,136.63, -122.36 (1.19%)
NASDAQ 2,257.04, -20.64 (0.91%)
S&P 500 1,089.41, -13.65 (1.24%)
NYSE Composite 6,791.57, -101.72 (1.48%)
Decliners laid over advancers largely, 4332-2135, or better than 2:1. New highs edged new lows, 107-73, but the margin being so close that it favors a negative outlook short term. So too, Friday's volume, which partly could be blamed on complacency and early departures, though it has been heading lower all week long.
NYSE Volume 5,757,302,000.00
NASDAQ Volume 2,185,725,000.00
The commodity complex was little changed, perhaps offering a glimpse at a more sober understanding of supply-demand dynamics for the coming months. Crude fell 58 cents, to a goosed-up $73.97. Gold gained 40 cents, to $1,212.20. Silver fell a nickel, to $18.41.
Remember, this weekend, those who served to make America great and gave their lives in defense of liberty, especially when driving through a police check-point or being harassed by some pompous low-level government official who wants to ruin your outing with nonsensical regulations. Remember that liberty is gained, not given. Earned, not handed out.
Prior to the open, personal income was shown to have grown 0.4% in April, most of the gain due to increases in government payrolls. Just before 10:00 am, the markets were dealt another blow of reality when both the Chicago PMI and University of Michigan comsumer sentiment index came in below expectations. Added to the 460,000 initial unemployment claims and lowered GDP estimate for the first quarter (to 3.0% from 3.2%) from Thursday, stocks were indeed lucky to receive any bids as the month of May for 2010 went down in the record books as the worst for stocks since 1940 - 70 whole years!
Those who insist that the US is on the road to recovery, or, already well down that road, are either not telling the truth or just too damn stupid to see the all-too-obvious signs on the road to ruin, the one the US has actually embarked upon.
The current and future fate of these United States was summed up brilliantly by casino-operator and real estate mogul, Steve Wynn, who, along with other gems of insight invoked Alexis de Touqueville, who predicted in 1909 that "the American system of democracy will prevail until that moment when the politicians discover that they can bribe the electorate with their own money." More of Wynn's caustic, cutting remarks can be viewed in the video below.
Dow 10,136.63, -122.36 (1.19%)
NASDAQ 2,257.04, -20.64 (0.91%)
S&P 500 1,089.41, -13.65 (1.24%)
NYSE Composite 6,791.57, -101.72 (1.48%)
Decliners laid over advancers largely, 4332-2135, or better than 2:1. New highs edged new lows, 107-73, but the margin being so close that it favors a negative outlook short term. So too, Friday's volume, which partly could be blamed on complacency and early departures, though it has been heading lower all week long.
NYSE Volume 5,757,302,000.00
NASDAQ Volume 2,185,725,000.00
The commodity complex was little changed, perhaps offering a glimpse at a more sober understanding of supply-demand dynamics for the coming months. Crude fell 58 cents, to a goosed-up $73.97. Gold gained 40 cents, to $1,212.20. Silver fell a nickel, to $18.41.
Remember, this weekend, those who served to make America great and gave their lives in defense of liberty, especially when driving through a police check-point or being harassed by some pompous low-level government official who wants to ruin your outing with nonsensical regulations. Remember that liberty is gained, not given. Earned, not handed out.
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