Thursday, August 24, 2017
Stocks Uncertain With Congress Due Back In Two Weeks
Continuing the migration to dtmagazine.com/money, today's post is available HERE.
Wednesday, August 23, 2017
Dow Up Most Since April On Bounce
Since Money Daily has been publishing on Google's blogspot platform for far too long, and, being unable to port this blog over to our own servers, we thank the giant Goog for their insouciance in allowing us to find the WordPress alternative.
This post can be seen in full at:
http://dtmagazine.com/money/index.php/2017/08/23/dow-up-most-since-april-on-bounce/
We will be moving this blog to the Downtown Magazine website over the next few weeks, though archives are likely to be retained by Blogger (owned by Google). Thanks to all our loyal readers.
This post can be seen in full at:
http://dtmagazine.com/money/index.php/2017/08/23/dow-up-most-since-april-on-bounce/
We will be moving this blog to the Downtown Magazine website over the next few weeks, though archives are likely to be retained by Blogger (owned by Google). Thanks to all our loyal readers.
Tuesday, August 22, 2017
Stocks Open Week With Sluggish Start
There wasn't anything important enough to move stocks substantially, as the markets opened the final full week of August.
This is probably as good a time as ever to take a few days off.
At the Close, Monday, August 21, 2017:
Dow: 21,703.75, +29.24 (+0.13%)
NASDAQ: 6,213.13, -3.40 (-0.05%)
S&P 500: 2,428.37, +2.82 (+0.12%)
NYSE Composite: 11,719.27, +19.44 (+0.17%)
This is probably as good a time as ever to take a few days off.
At the Close, Monday, August 21, 2017:
Dow: 21,703.75, +29.24 (+0.13%)
NASDAQ: 6,213.13, -3.40 (-0.05%)
S&P 500: 2,428.37, +2.82 (+0.12%)
NYSE Composite: 11,719.27, +19.44 (+0.17%)
Saturday, August 19, 2017
Stocks Close Week Trending Lower; Trouble Brewing
After Thursday's all-around rout, traders entered Friday's session with apprehension and doubt, pondering whether the recovery facade had finally been broken, exposing the wickedly overpriced nature of global equites, and especially US stocks.
After a sluggish start to trading, stocks eventually turned positive midday, but failed to keep an even keel as the major indices fell in unison for the second consecutive day, ending the week on an ominous note.
While Friday's losses were nothing compared to those from the day prior, they were, nevertheless, a continuation of the downdraft since last week's North Korea scare sent stocks well below their prior highs and, in the case of the S&P 500 and NASDAQ, below their 50-day moving averages.
In addition to the uniformity of the declines, stocks spent their second straight week on the downside for only the fourth time since the election of Donald Trump as president.
The Dow Jones Industrial Average, which had been the leader in the gains for the year, finished just above its 50-dma, the signs of slowing clearly evident.
With earnings reports from the second quarter winding down, analysts and traders will be focused on economic data, which has been - for years - less than stellar. Also of concern is the Federal Reserve's stance on tightening credit and unwinding their massive balance sheet, at the same time congress and the president will be engaging in budget and debt ceiling wrangling, making for a September to remember.
Still not an absolute trend - stocks are generally down only 2-3% the past two weeks - there will eventually come a time when the long bull run since March, 2009 will come to an end, and it figures not be be pretty. Anyone with short-term views will be taken aback at any sign of decay in the financial system, though, for those old enough and wizened enough to understand past history and general economics, a general pullback will be nothing more than the ordinariness of the business cycle, this one interrupted by the machinations and experimental policies of the global central bank cartel, led the the Fed, the ECB, the Bank of Japan (BOJ), and the People's Bank of China (PBOC), which together have stuffed more than $16 trillion onto their collective balance sheets.
Unwinding this massive spending spree without collateral damage will be a monumental task, even for those empowered to oversee the world's financial order.
Fireworks are coming. Stock up on adult beverages and snacks.
At the Close, Friday, August 18, 2017:
Dow: 21,674.51, -76.22 (-0.35%)
NASDAQ: 6,216.53, -5.39 (-0.09%)
S&P 500 2,425.55, -4.46 (-0.18%)
NYSE Composite: 11,699.83, -12.88 (-0.11%)
For the Week:
Dow: -183.81 (-0.84%)
NASDAQ: -40.03 (-0.64%)
S&P 500: -15.77 (-0.65%)
NYSE Composite: -63.38 (-0.54%)
After a sluggish start to trading, stocks eventually turned positive midday, but failed to keep an even keel as the major indices fell in unison for the second consecutive day, ending the week on an ominous note.
While Friday's losses were nothing compared to those from the day prior, they were, nevertheless, a continuation of the downdraft since last week's North Korea scare sent stocks well below their prior highs and, in the case of the S&P 500 and NASDAQ, below their 50-day moving averages.
In addition to the uniformity of the declines, stocks spent their second straight week on the downside for only the fourth time since the election of Donald Trump as president.
The Dow Jones Industrial Average, which had been the leader in the gains for the year, finished just above its 50-dma, the signs of slowing clearly evident.
With earnings reports from the second quarter winding down, analysts and traders will be focused on economic data, which has been - for years - less than stellar. Also of concern is the Federal Reserve's stance on tightening credit and unwinding their massive balance sheet, at the same time congress and the president will be engaging in budget and debt ceiling wrangling, making for a September to remember.
Still not an absolute trend - stocks are generally down only 2-3% the past two weeks - there will eventually come a time when the long bull run since March, 2009 will come to an end, and it figures not be be pretty. Anyone with short-term views will be taken aback at any sign of decay in the financial system, though, for those old enough and wizened enough to understand past history and general economics, a general pullback will be nothing more than the ordinariness of the business cycle, this one interrupted by the machinations and experimental policies of the global central bank cartel, led the the Fed, the ECB, the Bank of Japan (BOJ), and the People's Bank of China (PBOC), which together have stuffed more than $16 trillion onto their collective balance sheets.
Unwinding this massive spending spree without collateral damage will be a monumental task, even for those empowered to oversee the world's financial order.
Fireworks are coming. Stock up on adult beverages and snacks.
At the Close, Friday, August 18, 2017:
Dow: 21,674.51, -76.22 (-0.35%)
NASDAQ: 6,216.53, -5.39 (-0.09%)
S&P 500 2,425.55, -4.46 (-0.18%)
NYSE Composite: 11,699.83, -12.88 (-0.11%)
For the Week:
Dow: -183.81 (-0.84%)
NASDAQ: -40.03 (-0.64%)
S&P 500: -15.77 (-0.65%)
NYSE Composite: -63.38 (-0.54%)
Thursday, August 17, 2017
Stocks Wracked On Poor Industrial Production Data, Led by Lower Auto Sales
When the opening bell rang today on Wall Street, there wasn't realistically any cause for alarm, except the data on Industrial Production, which rose 0.2% on expectations of 0.3%, driven lower on a 3.6% drop in the automotive sector.
Car sales have slowed sharply from the record pace in 2016. Production of motor vehicles and parts has fallen in five months this year, and have dropped five percent in the latest 12 months.
That may have been cause for alarm, though not to the extent to which the major indices took it. Stocks had their worst session overall since mid-March, with the S&P 500 and NASDAQ falling below support at their respective 50-day moving averages.
Bond yields were slashed as investors rushed out of equities to the safety of credit. The 10-year note closed the day with a 2.18 handle and the 30-year bond the lowest in a week, at 2.78%.
Oil caught a weak-hand bid, pushing above $47/barrel, but not holding that level. Gold and silver, which had been bid up in prior sessions, held onto gains.
This is the second major loss in the last six session, which, if one is inclined to be seeking trends, could be one to watch. On the other hand, with the Fed having the market's back, continued weakness is considered unlikely.
It has been said that Wall Street is more of a casino than ever before. The past six or seven sessions are proving that the house doesn't always win.
At the Close, Thursday, August 17, 2017
Dow: 21,750.73, -274.14 (-1.24%)
NASDAQ 6,221.91, -123.19 (-1.94%)
S&P 500 2,430.01, -38.10 (-1.54%)
NYSE Composite: 11,712.72, -156.13 (-1.32%)
Car sales have slowed sharply from the record pace in 2016. Production of motor vehicles and parts has fallen in five months this year, and have dropped five percent in the latest 12 months.
That may have been cause for alarm, though not to the extent to which the major indices took it. Stocks had their worst session overall since mid-March, with the S&P 500 and NASDAQ falling below support at their respective 50-day moving averages.
Bond yields were slashed as investors rushed out of equities to the safety of credit. The 10-year note closed the day with a 2.18 handle and the 30-year bond the lowest in a week, at 2.78%.
Oil caught a weak-hand bid, pushing above $47/barrel, but not holding that level. Gold and silver, which had been bid up in prior sessions, held onto gains.
This is the second major loss in the last six session, which, if one is inclined to be seeking trends, could be one to watch. On the other hand, with the Fed having the market's back, continued weakness is considered unlikely.
It has been said that Wall Street is more of a casino than ever before. The past six or seven sessions are proving that the house doesn't always win.
At the Close, Thursday, August 17, 2017
Dow: 21,750.73, -274.14 (-1.24%)
NASDAQ 6,221.91, -123.19 (-1.94%)
S&P 500 2,430.01, -38.10 (-1.54%)
NYSE Composite: 11,712.72, -156.13 (-1.32%)
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