Monday, November 01, 2010

Market comments for Nov. 1st

Data released this morning on economic indicators were as follows. Personal Income came in at -0.1%, while Personal Spending came in at +0.2%. The ISM Index for october came in at 56.9, which is up from September's reading of 54.4 and Construction Spending surprisingly came in at +0.5% from an August revised reading of -0.2%. The ISM Index measures Manufacturing activity.

So overall these numbers were mixed. The most negative ones were the Personal Spending numbers, as expectations were for a reading of +0.4%. The most positive was the Construction Spending data as they had expected a negative -0.7% and instead the number came in at +0.5%.

The question, as always, is whether we can really believe these numbers. I will leave that up to you.

I thought I might also summarize my Mini Poll survey to date. Here are the results to date:

- I'm Optimistic and think things will get better. 18%
- I'm Pessimistic and think things will get worse. 61%
- I'm neutral and think things will stay about the same. 21%

I will set the results back to zero and see how it changes going forward so please vote again next visit.

In the mean time, the Dow rose this morning to close to its 52 week high. The 52 week high is 11,258 and today so far we hit 11,244. The S&P 500 came very close to 1200 and hit a high of 1195. Tomorrow will be a more neutral day, as we will not know the election results until Wednesday. There is no economic data being released tomorrow because it is election day.

Remember to Vote! Otherwise, don't complain about the country. This is your chance to register your objection or your support.

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Anonymous Anonymous said...

At the present I feel very confused on how to vote this forum.
The stock market has been grossly overly manipulated. To a point where I have been holding TZA for a long time watching the market continue to show alot of green while my investment dollar whittles down greatly. Very much different from the gloom and doom that was shown to us earlier in the year. Feel if I am too optimistic then i will be let down at any time. Confused is where I am now wishing that there was NO market to confuse me further

2:23 PM  
Blogger Charles Amico said...

I hear ya. I question whether you are confused. I am in the same position you are but I am not confused. I know, as you do, that the Fed has manipulated the market now for at least 9-12 months. It is not a surprise and it does not confuse. But it does make me mad. I would respectfully suggest that you are too.

6:19 PM  

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