Today the world has come to America, at the annual United Nations gathering, that featured a keynote speech from President Trump. But the world has been buying America this year, more than ever, despite the end of the American Exceptionalism campaign.

Meanwhile, it’s a solid session, masked by weakness in Technology (XLK).

Energy (XLE) is in the lead today, as oil prices move higher, following further Ukrainian strikes on Russian oil facilities.

All Eyes on Micron

It has been a long, and at times brutal, ride for Micron Technology (MU).

Even after the dust initially settled in the summer of 2009, it took the stock many years to start moving higher and even then…

there were periods of massive corrections.

Now the stock is back, and everyone is betting on it, in part due to the surge in DRAM prices.

The company reports after the closing bell – and it should be noted the last three reports were greeted with nasty reactions by the market.

Economic Data

S&P Composite PMI fell to 53.6 in September from 54.6 in August, missing expectations of a flat reading. Manufacturing PMI fell to 52 from 53 and was in-line with forecasts, while Services PMI fell to 53.9 from 54.5 and came in slightly below estimates of 54.

The Richmond manufacturing index fell to -17 in September from -7 last month and below estimates of -5. This was mostly due to a decline in new orders and shipment volumes.

Notable Changes:

• Volume of New Orders fell to -15 from -6
• Volume of Shipments declined to -20 from -5
• Capital Expenditures improved to -16 from -23
• Finished Good Inventories fell to 11 from 16
• Raw material Inventories declined to 17 from 24
• Employment fell to -15 from -11
• Wage Growth slowed to 13 from 22
• Prices Paid edged lower to 7.22 from 7.24
• Prices Received accelerated to 4.02 from 3.14

The market is due for consolidation, so be careful with huge gains – it’s fine to ring the register and have fresh powder.

Comments

Charles, me and my wife have followed you for years and appreciate your passion and commitment to share your knowledge and wisdom! We bought your book as well. The guests' picks have been pretty darn good as well!! Thanks! Mark on 9/23/2025 3:07:11 PM

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