Market comments for Sept. 1st
I am sorry I didn't get to this earlier today. I have much going on the next 2 days. The data released today that affected the markets the most was an unexpected increase in the ISM data. It came in at 56.5 while the prior reading was 55.5 and expectations were for the number to come in at 53.0 for August. The stock market soared on the news and the Dow is now up over 215 points. The fact the market moved up so much was a big relief to the Bulls as they have been discouraged over the month of August that they haven't been able to make any money. Now it's the Bears turn to be discouraged as expectations were of a bad Sept. in the market as is usual for September's past.
I wouldn't count on this rally if I were you. Obviously you can count me in with the Bear crowd. I see this as a tidbit of news to hang a trade on but the overwhelming news is negative out there. To prove my point, the ADP report said that jobs unexpectedly dropped -10K in August and the prior month was revised downward from creating 42K jobs to a revised 37K. Expectations were for no jobs to be created for August, not to lose 10K. But the Bulls want to focus on something positive as we start this volatile month. Bears, take a break and go fishing today. Your day will come very soon. Patience!
Latter today Auto and Truck Sales will be reported and while it is not going to move the market much, it is an indicator of the economy and how Consumers are spending their cash. The number is expected to be released at 11:00am PST. I won't be here so check other sources for this news. I will post it late afternoon as an Update. Dow up now 223 points, the Nasdaq is up 55 and the S&P is up 26 points, a heck of a start for September.
I wouldn't count on this rally if I were you. Obviously you can count me in with the Bear crowd. I see this as a tidbit of news to hang a trade on but the overwhelming news is negative out there. To prove my point, the ADP report said that jobs unexpectedly dropped -10K in August and the prior month was revised downward from creating 42K jobs to a revised 37K. Expectations were for no jobs to be created for August, not to lose 10K. But the Bulls want to focus on something positive as we start this volatile month. Bears, take a break and go fishing today. Your day will come very soon. Patience!
Latter today Auto and Truck Sales will be reported and while it is not going to move the market much, it is an indicator of the economy and how Consumers are spending their cash. The number is expected to be released at 11:00am PST. I won't be here so check other sources for this news. I will post it late afternoon as an Update. Dow up now 223 points, the Nasdaq is up 55 and the S&P is up 26 points, a heck of a start for September.
Labels: ADP report, Bears, Bulls, ISM Manufacturing index
posted by Charles Amico at 7:09 AM
1 Comments:
I am starting to get the feeling that this market will be manipulated by the big money players and our government to the extent that there will be no major bear market. The scenario is so much different now than it was back in the "depression" days. With 24-7 news and a much larger group of upper class citizens with seemingly limitless funds to fuel the markets. I continue to hold a large position of TZA so, I am in the "bear" camp at the present and will be patiently waiting for the next leg down to occur. That is: if it really does.
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