Don’t tell hedge funds that stocks generally go higher in a year or two of a new bull market. They have layered on a monster short position. Back in March, they started shorting right before the downturn. Then got it right in March, but I think they are going to get crushed this time.
But this is the fifth consecutive day that sees stocks climb off the canvas- maybe, the squeeze has begun.
Yes. There has to be greater participation, but Technology, is the best performing sector today, it is in a reverse-anchor and won’t let the ship sink. The safe havens are laggards today with Utilities being the worst performer.
Delta (DAL) reported better than expected earnings. Earlier, we learned that transportation services were a CPI hot spot.
The UAW strike continues and is now striking at one of Ford’s (F) largest plants.
Additional data for the Fed to digest is the latest Initial Jobless Claims, which were basically flat at 209,000 vs the estimate of 210,000 but near a 7-month high.
Continuing claims however rose to 1,702,000 up 30,000. The tight labor market, which is at historically high levels, provides more ammo for the Fed officials that are in the rate hike camp. The daily Fed guessing game has changed yet again, and now the probability for a December rate hike is up to 50% from 30% yesterday.
Products & Services |
In The Media |
About Us |
All Rights Reserved.