Afternoon Note
The bias is positive today as the market digests a variety of economic data reports out this morning. There were no big surprises and the bottom line is that the weak bias will probably encourage the Fed to hold off on a rate hike next week. There were a few pockets of strength in the retail sales report that are moving restaurants, clothing and food stocks. Tech stocks are on the move again today with AAPL providing leadership again, up over 3% on great volume.
This is the 80th straight week that initial claims have come in under 300,000, the longest stretch since 1970. Initial jobless claims were rose 1,000 to 260,000 for the week ending September 10, less than had been 265,000 anticipated. The prior week was unrevised. The 4-week moving average decreased 500 to 260,750.
Oil prices have been choppy today and at midday is up about 1%. Energy and tech stocks are leading the way higher. Advancers (73%) outpace decliners (24%) on 76% up volume. Overall volume is light.
Tomorrow is options expiration day for September. August CPI data will be released before the open at 8:30 am.
Comments |
Unfortunately we have reverted back to bad news is good news for moving the market so the dumb Fed won't crush this weak inchworm of a recovery... Ray Weldon on 9/15/2016 1:15:53 PM |
I have a real problem with a government run by politicians that create tax incentives that inherently can be used only by the top 10% and then complain about the tax loopholes (which are obviously legitimate deductions) that they constantly create. And they complain about the complexity of the tax structure made so by the same (failing usually) attempts to make "good" things happen. green grasss is yellow or brown in California Fred Leffinwell on 9/15/2016 1:17:59 PM |
One can not compare jobless claims now to those 10 years ago, when peopl needed jobs to get health coverage. Bill S on 9/15/2016 5:10:36 PM |
The real problem with creating tax incentive is Socialism. The preemption is that in order to create equality, the loopholes are the mean to direct where redistribution must go. This is the greatest accomplishment Obama has accomplished in 8 years. He has redistributed to a greater number of poor, of black life mater and refugees. For the Democrats, this is the goal of the next election. More poverty, refugees and louder Black life mater to arouse these potential enslaved to stay Democrats. Philippe on 9/16/2016 2:56:14 AM |
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