Dow +200.36 at 16472.37, Nasdaq +80.69 at 4707.77, S&P +27.54 at 1951.35
What a big move! Market surely broke to the upside with the strong rally. Nonfarm payroll numbers were utterly disappointing and on top of that, last month NFP number was heavily revised downward. That somewhat gave the catalyst for the huge run in the market. Question for me is now what? Is there a sign of overbought or are we going to see the market continue the strong trend next week?
Meanwhile markets around the world were mostly ended in green as I supposed they were anticipating a healthy NFP over at the US. Being so we might see a big reaction when both Asia and Europe markets open next week as the data was surprisingly weak.
Market Summary
Industry Watch
Strong: Energy, Health Care, Materials, Technology, Utilities
Weak: Financials
Other Market Moving Factor:
- Futures slide after September Nonfarm Payrolls miss estimates (142,000; Briefing.com consensus 205,000): report shows no growth in hourly earnings (expected +0.2%)
[BRIEFING.COM] The stock market ended the week on an upbeat note despite stumbling at the start. The S&P 500 turned a 30-point loss into a 28-point gain to end higher by 1.4% while the Nasdaq Composite (+1.7%) outperformed. For the week, the S&P 500 jumped 1.0% while the Nasdaq added 0.5%.
The opening dive occurred after the release of the Nonfarm Payrolls report for September, which disappointed on all fronts. According to the report, only 142,000 jobs were added, which was a far cry from the Briefing.com consensus, which expected a reading of 205,000. Adding insult to injury, the prior month's job growth was revised down to 136,000 from 173,000 and hourly earnings showed no growth.
In sum, the weak nature of the report caused the market to reconsider its rate-hike expectations. Bond traders were quick to show their doubt about the likelihood of a rate hike before 2016, evidenced by a surge in Treasuries. The 10-yr note jumped more than a point immediately after the report, narrowing its gain to 16 ticks by the close with the 10-yr yield falling five basis points to 1.98%.
Elsewhere, the Dollar Index (95.93, -0.25) dropped to late September levels in the morning, but erased more than half of its decline by the close, ending lower by 0.3%. Most notably, the dollar/yen pair dove below the 119.00 mark in the morning, but returned above 119.00 around 10:30 ET and continued climbing into the afternoon. The pair ticked above 120.00 during the final hour of action, which is a level that has been in focus throughout the week. The 120.00 level will deserve attention going into next week considering dips below that mark have been congruent with a risk-off attitude while rallies north of 120.00 have coincided with strength in equities.
Nine of ten sectors ended in the green with energy (+4.0%) finishing well ahead of other groups. The sector received a boost from crude oil, which climbed 1.8% to $45.55/bbl. Thanks to today's spike, the energy sector gained 2.8% for the week while only two other groups—health care and materials—added more than 2.0% since last Friday.
Although the energy sector was a clear standout, the outperformance in the health care sector (+2.1%) was more notable since biotechnology powered that move. The iShares Nasdaq Biotechnology ETF (IBB 315.40, +10.44) spiked 3.4%, ending the week higher by 1.7% after being down almost 8.0% at its lowest point on Monday.
Biotechnology's outperformance helped the Nasdaq finish in the lead while large cap technology listings like Apple (AAPL 110.38, +0.80), Google (GOOGL 656.99, +14.99) also contributed to the Nasdaq's strength. For its part, the technology sector gained 1.5%.
On the downside, the financial sector narrowed its loss to 0.1% after showing a 2.0%+ decline in the early going in response to the disappointing jobs report.
Today's participation was well above average with more than a billion shares changing hands at the NYSE floor.
Economic data included Nonfarm Payrolls and Factory Orders:
- Nonfarm payrolls increased by 142,000 while the Briefing.com consensus expected a reading of 205,000
- August nonfarm payrolls revised to 136,000 from 173,000
- July nonfarm payrolls revised to 223,000 from 245,000
- Private sector payrolls increased by 118,000 (Briefing.com consensus 200,000)
- August private sector payrolls revised to 100,000 from 140,000
- July private sector payrolls revised to 195,000 from 224,000
- Unemployment rate held at 5.1%, which is what the consensus expected
- The U6 unemployment rate, which accounts for the total unemployed plus persons marginally attached to the labor force and the underemployed, slipped to 10.0% from 10.3% in August
- Average hourly earnings were unchanged (Briefing.com consensus 0.2%) after an upwardly revised 0.4% increase (from 0.3%) in August
- The labor force participation rate ticked down to 62.4% from 62.6%
- Factory orders declined 1.7% in August after increasing a downwardly revised 0.2% (from 0.4%) while the Briefing.com consensus expected a 1.0% drop
- That was the largest decline since a 3.7% drop was registered in December 2014
- The weakness in the manufacturing sector comes as a strong dollar has curtailed export demand and low oil prices have reduced demand for drilling equipment
Monday's data will be limited to the 10:00 ET release of the ISM Services report for September.
- Nasdaq Composite -0.6% YTD
- S&P 500 -5.2% YTD
- Dow Jones Industrial Average -7.6% YTD
- Russell 2000 -7.5% YTD
Week in Review: Volatile Action Continues
The trading week got off to a very poor start for the major indices, which experienced steady selling pressure from the opening bell in a trend-down day. The S&P 500 lost 2.6%. Global growth concerns were at the heart of Monday's pullback along with another dastardly performance by the biotechnology sector. The growth concerns were triggered anew by a caustic research note on the business prospects for commodity producer Glencore (GLCNF 1.07, -0.41), an 8.8% year-over-year decline in China's industrial profits, a disappointing 1.4% monthly decline in pending U.S. home sales for August, and a declaration from International Monetary Fund (IMF) head Christine Lagarde that the IMF's forecasts for global growth of 3.3% this year and 3.8% next year are no longer realistic due principally to the weakness in emerging markets.
The market ended Tuesday on an uninspiring note after surrendering the bulk of its intraday gain. The S&P 500 (+0.1%) added two points after showing an eight-point gain during the opening hour. Equity indices rallied at the start, but the rebound from Monday's 2.6% dive in the S&P 500 hit resistance right beneath the 1,900 level, at which point most sectors began backing away from their morning highs. The health care sector (+0.9%) held the lead throughout the day, but the influential group also retreated from its high as market-wide selling pressure grew heavier during the afternoon.
The stock market ended the midweek session on a higher note, but could not avoid its second consecutive monthly decline. The S&P 500 gained 1.9% on Wednesday, but surrendered 2.7% in September. The tech-heavy Nasdaq Composite (+2.3%) outperformed, but lost 3.3% for the month. The Wednesday session also marked the end of the third quarter, during which the S&P 500 fell 6.9% versus a 7.4% decline in the Nasdaq. The end of Q3 meant that quarter-end positioning and portfolio rebalancing likely played a part in the advance. Equity indices began the trading day with solid gains after index futures rallied alongside markets in Europe. The S&P 500 built on its opening spike, notching a session high just before 10:30 ET; however, that move was followed by a pullback into the middle of the day's trading range, which occurred alongside rally in the yen that briefly dropped the dollar/yen pair below the 120.00 level. The short-lived swoon in the dollar/yen pair was followed by a rebound into the 120.00 area while stocks climbed to new highs.
Thursday ended on a modestly higher note after the key indices climbed off their intraday lows. The S&P 500 (+0.20%) settled within four points of its unchanged level while the Dow and Nasdaq settled not far behind. Equities began the first session of Q4 just above their flat lines after a pre-market retreat caused S&P 500 futures to surrender a 25-point gain. The early morning slide from pre-market highs gathered steam following a Bloomberg report indicating the Bank of Japan does not plan to introduce additional stimulus at this time. In addition to pressuring stocks, the report gave a boost to the yen, sending the dollar/yen pair to a session low near 119.50; however, the currency pair was able to claw its way back into the 120.00 range in the afternoon while stocks also climbed off their lows.
Global Market
ASIA
It was a somewhat mixed showing from markets in the Asia-Pacific region on Friday. That came after a tepid performance on Wall Street on Thursday and ahead of the U.S. employment report for September, which will carry monetary policy implications. Hong Kong’s Hang Seng (+3.2%) was the clear winner as it played catch up following its closure on Thursday. China remained closed for holiday; Japan’s Nikkei was flat; and Australia’s S&P/ASX 200 declined 1.2%.
Economic Data
- Japan
- August Household Spending +2.5% month-over-month (expected +0.5%; prior +0.6%); +2.9% year-over-year (expected +0.4%; prior -0.2%) August Unemployment Rate 3.4% (expected 3.3%; prior 3.3%)
- Hong Kong
- August Retail Sales -5.4% year-over-year (expected -4.1%; prior -2.8%)
- South Korea
- September CPI -0.2% month-over-month (expected +0.2%; prior +0.2%); +0.6% year-over-year (expected +0.9%; prior +0.7%)
- August Current Account KRW 8.46 bln (prior KRW 9.49 bln)
- Australia
- August HIA New Home Sales +2.3% month-over-month (prior -0.4%)
- August Retail Sales +0.4% month-over-month (expected +0.4%; prior -0.1%)
Equity Markets
- Japan’s Nikkei eked out a 0.02% gain, aided by some late buying interest. Strength in the materials (+1.4%) and consumer staples (+1.1%) sectors was offset by weakness in the health care (-1.4%) and financials (-0.4%) sectors. The top-performing stocks were Nitto Denko Corp (+5.7%), Sumitomo Osaka Cement Co (+5.0%), and Mitsubishi Motors (+4.5%) while Maruha Nichoro Corp (-4.0%), Hitachi Zosen (-3.8%), and Fukuoka Financial Group (-3.3%) brought up the rear. Out of the 225 index members, 100 ended higher, 108 finished lower, and 7 were unchanged. For the week, the Nikkei declined 0.9%.
- Hong Kong’s Hang Seng surged 3.2% in a catch-up trade after being closed for a holiday on Thursday. Gains were led by Galaxy Entertainment Group (+10.2%), China Resources Land (+8.7%), and China Overseas Land & Investment (+6.8%). Out of the 50 index members, only three — Li & Fung (-1.5%), Sun Hung Kai Properties (-0.4%), and Power Assets Holdings (-0.1%) — ended the day lower. For the week, the Hang Seng increased 1.5%.
- China’s Shanghai Composite: closed for holiday (National Day)
- India’s Sensex: closed for holiday (Mahatma Gandhi Jayanthi)
- Australia’s S&P/ASX 200 declined 1.2% and ended near its lows for the day. The weakness was driven by the utilities (-2.0%), telecom services (-1.7%), and health care (-1.5%) sectors. Out of the 200 index members, 54 ended higher, 135 finished lower, and 11 were unchanged. For the week, the S&P/ASX 200 increased 0.2%.
- Regional advancers: Taiwan +0.1%, Thailand +0.1%
- Regional decliners: South Korea -0.5%, Malaysia -0.3%, Indonesia -1.1%, Singapore -0.3%, Vietnam -0.2%, Philippines -0.6%
FX
- USD/CNY unch at 6.3571
- USD/INR unch at 65.5125
- USD/JPY +0.2% at 120.18
EUROPE
Major European indices have tumbled from their highs after the release of a disappointing U.S. Nonfarm Payrolls report.
- Eurozone August PPI -0.8% month-over-month (expected -0.6%; prior -0.1%); -2.6% year-over-year (consensus -2.4%; last -2.1%)
- UK’s September Construction PMI 59.9 (expected 57.5; last 57.3)
- Spain’s Unemployment Change 26,100 (expected 17,900; prior 21,700)
Closing Prices
- UK’s FTSE: + 1.0%
- Germany’s DAX: + 0.5%
- France’s CAC: + 0.7%
- Spain’s IBEX: + 0.4%
- Portugal’s PSI: + 2.1%
- Italy’s MIB Index: + 1.2%
- Irish Ovrl Index: -0.6%
- Greece ASE General Index: -0.3%
Macroeconomic Data
Economic Data
from Briefing.com
- Nonfarm Payrolls : 142K vs 205K (Prior 136K - Down)
- Nonfarm Private Payrolls : 118K vs 200K (Prior 100K - Down)
- Unemployment Rate : 5.1% vs 5.1% (Prior 5.1%)
- Hourly Earnings : 0.0% vs 0.2% (Prior 0.4% - Up)
- Average Workweek : 34.5 vs 34.6 (Prior 34.6)
- Factory Orders : -1.7% vs -1.0% (Prior 0.2% - Down)
NONFARM PAYROLLS
Highlights
- Nonfarm payrolls increased by 142,000 in September after adding a downwardly revised 136,000 (from 173,000) in August. The Briefing.com Consensus expected nonfarm payrolls to increase by 205,000.
- Private payrolls added 118,000 jobs in September, up from a downwardly revised 100,000 (from 140,000) in August. The consensus expected private payrolls to add 200,000 jobs in September.
- The unemployment rate remained at 5.1% for a second consecutive month. That was exactly what the consensus expected.
Key Factors
- All signs were pointing toward a rebound in the employment sector. Layoff levels, as shown by the initial claims level, were flirting with 15-year lows for the past month. The JOLTS report showed the most unfilled and open jobs since data started being collected in 2000.
- Businesses should have easily added 200,000 or more jobs in September.
- Not only did that not happen, but no amount of spin can make the September employment situation seem positive.
- First, payroll revisions were negative across the board. August payrolls were revised down by 37,000 to 136,000. Historically, August payrolls tend to see large upward revisions. July payrolls were revised down to 223,000 from 245,000.
- Next, average hourly earnings were flat, but that came about only after rounding. The actual average hourly wage declined by $0.01 to $25.09 from $25.10.
- Finally, the average workweek declined to 34.5 hours from 34.6 hours.
- Taken together, total aggregate earnings declined 0.2% in September after increasing a downwardly revised 0.4% (from 0.7%) in August.
- Given the drop in aggregate earnings, positive consumption growth will only come about if consumers dip into their savings. So far in this recovery, consumers have been reluctant to reduce their savings to increase consumption growth.
- The stability in the unemployment rate, however, was the result of a sizable decline in the labor force participation rate rather than steady employment growth. The labor force declined by 350,000 people, which pushed the participation rate down to 62.4% from 62.6% in August.
- If the labor force participation rate remained at its August level, the unemployment rate would have increased by 0.2 percentage points to 5.3%.
- All in all, this report is not what the Fed was hoping for as it pushes to raise interest rates sometime in 2015.
Big Picture
- The September employment report put a big dent in the expectations that a rate hike will occur before the end of the year.
FACTORY ORDERS
Highlights
- Factory orders declined 1.7% in August after increasing a downwardly revised 0.2% (from 0.4%) in July. The Briefing.com Consensus expected factory orders to decline 1.0%.
Key Factors
- That was the largest decline in factory orders since a 3.7% drop in December 2014.
- The weakness in the manufacturing sector comes as a strong dollar has curtailed export demand and low oil prices have reduced demand for drilling equipment.
- Durable goods orders declined 2.3% in August, which was slightly worse than the 2.0% decline reported in the advance release last week.
- Excluding transportation, durable goods orders declined 0.2% after reporting no change in the advance release.
- Nondurable goods orders declined 1.1% in August after declining 1.4% in July. Much of that decline was the result of lower oil prices reducing petroleum refineries orders (-5.6%).
- Orders of nondefense capital goods excluding aircraft were revised lower to -0.8% from a previously reported -0.2%. Shipments, which factor into GDP growth calculations, were also revised lower (-0.4% from -0.2%).
Big Picture
- The big decline in September factory orders confirms the widespread weakness in the manufacturing sector.
Market Internals
NYSE:
Higher Volumes than the day before – 1078.5M vs 979.2M
Advancers outpaced Decliners (adv/dec): 2341 / 752
New Lows outpaced New Highs (highs/lows): 12 / 235
NASDAQ:
Higher Volumes than the day before – 2168.9M vs 2120.7M
Advancers outpaced Decliners (adv/dec): 1954 / 899
New Lows outpaced New Highs (highs/lows): 15 / 192
VOLATILITY S&P500 (VIX)
20.94 -1.61 (-7.14%)
Technical Updates
Volume: 136,887,938 (above average of 110,278,927)
Range: 16,013.66 - 16,472.77
Range: 16,013.66 - 16,472.77
4,707.78 +80.69 (+1.74%)
Volume: 510,636,456 (above average of 466,202,473)
Volume: 510,636,456 (above average of 466,202,473)
Range: 4,552.34 - 4,707.77
1,951.36 +27.54 (+1.43%)
Volume: 763,255,000 (above average of 617,912,516)
Range: 1,893.70 - 1,951.36
The candlestick pattern for the 3 indices are almost similar to bullish engulfing. That do signifies quite an extent of bullishness on Friday. All 3 indices also broke above their respective 61.8% Fib resistance level. S&P also formed like a double bottom pattern. Could this means that the market is about to reverse from here? I am not confident about that judging from the erratic movement lately.
Commodities
- Some commodities such as precious metals got a boost this morning following the jobs data, sent the dollar index sharply lower
- Silver led metals today, ending pit trading +5.2% at $15.24/oz (Dec contract), while Dec gold gained +2.1% at $1136.70/oz
- In industrial metals, Dec copper only rallied +1.3% today to $2.33/lb
- Oil prices have been under pressure all morning, despite the weakness in the dollar, as a number of bearish variables remain in the market
- However, following the weekly Baker Hughes data, oil prices rallied after the data showed a large decline in rigs usage
- Nov WTI crude oil ended today’s session +1.8% at $45.55/barrel
- Nov natural gas only gained 0.4% today to end at $2.45/MMBtu
Energy Closing Prices
- November crude oil futures rose $0.80 (+1.8%) to $45.55/barrel
- November natural gas closed $0.01 higher (+0.4%) at $2.45/MMBtu
- RBOB Gasoline closed $0.03 lower at $1.34/gallon
- Heating oil futures flat at $1.52/gallon
Agriculture Closing Prices
- December corn closed flat at $3.89/bushel
- December wheat closed $0.06 lower at $5.12/bushel
- November soybeans closed $0.02 lower at $8.75/bushel
- Sugar #11 closed $0.27 cents higher at 13.53 cents/lb
Metals Closing Prices
- December gold ended today’s session $23.70 higher (+2.1%) at $1136.70/oz
- December silver closed today’s session $0.75 higher (+5.2%) at $15.24/oz
- December copper closed $0.03 higher (+1.3%) at $2.33/lb
Currencies
Dollar Falls Sharply but Climbs Back
- The U.S. Dollar Index fell over 1% on the release of an abysmal September employment report, but the greenback clawed back most of its losses by the end of the session
- DXY: -0.31% to 95.89
- Nonfarm payrolls grew by only 142K in September versus the Briefing.com consensus of 205K. The change in payrolls for August was revised down to 136K from 174K
- The unemployment rate stayed at 5.1%, in line with the Briefing.com consensus
- Hourly earnings were flat from August versus the Briefing.com consensus for 0.2% growth. The August change was revised up to 0.3% growth from the initial reading of 0.2%
- Factory orders declined 1.7% in August after increasing a downwardly revised 0.2% (from 0.4%) in July. The Briefing.com consensus expected factory orders to decline 1.0%
- EUR/USD: +0.28% to $1.1220
- The eurozone's producer price index fell by 0.8% m/m in August, more than expected and more than the 0.1% decline in July
- The number of unemployed workers in Spain grew by a higher-than-expected 26.1K in August after climbing 21.7K in July
- GBP/USD: +0.33% to $1.5185
- Markit's U.K. construction PMI soared past already high expectations, rising to 59.9 in September from 57.3 in August
- USD/CHF: -0.50% to 0.9719
- USD/JPY: +0.03% to 119.89
- In Japan, household spending grew 2.5% m/m in August, much better than expected and higher than the 0.6% growth in July
- The year-on-year number for August was 2.9%, the highest since May
- In Japan, household spending grew 2.5% m/m in August, much better than expected and higher than the 0.6% growth in July
- USD/CAD: -0.36% to 1.3197
- AUD/USD: -0.08% to $0.7032
- Australian retail sales growth in August was in line with estimates at 0.4% m/m. Retail sales fell 0.1% m/m in July
- NZD/USD: +0.52% to $0.6434
Bonds
Treasuries Rally on Weak Employment Report
- The U.S. Treasury complex made massive gains this morning on the back of a categorically bad September employment report. The nonfarm payroll change missed the Briefing.com consensus (142K versus 205K), the August NFP number was revised down, and hourly earnings were flat versus the Briefing.com consensus for a gain of 0.2%. The release of the data sent Treasury yields, equities, and the U.S. dollar down sharply. Stocks and the dollar recovered by the end of the day, but Treasury yields remained much lower albeit well above their lows from the morning. WTI crude turned higher off of very bullish Baker Hughes rig count data
- Yield Check:
- 2-yr: -7 bps to 0.58%
- 5-yr: -9 bps to 1.28%
- 10-yr: -6 bps to 1.98%
- 30-yr: -4 bps to 2.91%
- News:
- Nonfarm payrolls grew by only 142K in September versus the Briefing.com consensus of 205K. The change in payrolls for August was revised down to 136K from 174K
- The unemployment rate stayed at 5.1%, in line with the Briefing.com consensus
- Hourly earnings were flat from August versus the Briefing.com consensus for 0.2% growth. The August change was revised up to 0.3% growth from the initial reading of 0.2%
- Nonfarm private payrolls grew by 118K versus the Briefing.com consensus of 200K
- The average workweek fell to 34.5 from 34.6 in August. The Briefing.com consensus was also 34.6
- Factory orders declined 1.7% in August after increasing a downwardly-revised 0.2% (from 0.4%) in July. The Briefing.com consensus expected factory orders to decline 1.0%
- The weakness in the manufacturing sector comes as a strong dollar has curtailed export demand and low oil prices have reduced demand for drilling equipment
- St. Louis Fed President Bullard (non-FOMC voter and hawk) advocated normalizing interest rates, "which remain at emergency settings" despite the FOMC near achievement of its objectives
- San Francisco Fed President Williams (FOMC voter) said Thursday that he was "just looking for steady, continuing improvement in the labor market" in order to raise rates and that "above 100K or 150K" jobs added to the U.S. economy per month "would be good to me"
- Nonfarm payrolls grew by only 142K in September versus the Briefing.com consensus of 205K. The change in payrolls for August was revised down to 136K from 174K
- Commodities:
- WTI crude: +1.94% to $45.61/bbl.
- The Baker Hughes rig count dropped by 26 to 614 last week , marking the lowest rig count total since August of 2010
- Gold: +2.05% to $1,136.50/troy oz.
- Copper: +1.63% to $2.342/lb.
- WTI crude: +1.94% to $45.61/bbl.
- Currencies:
- EUR/USD: +0.19% to $1.1210
- USD/JPY: +0.18% to 120.08
- Week Ahead:
- Monday: September ISM Services (10:00 ET); San Francisco Fed President Williams (FOMC voter) (17:30 ET)
- Tuesday: August Trade Balance (08:30 ET); $24 bln 3-year auction (results at 13:00 ET)
- Wednesday: MBA Mortgage Index for the week ending 10/03 (07:00 ET); Crude Inventories for the week ending 10/03 (10:30 ET); August Consumer Credit (15:00 ET); $21 bln 10-year auction – reopening (results at 13:00 ET)
- Thursday: Initial Jobless Claims for the week ending 10/03 and Continuing Jobless Claims for the week ending 9/26 (08:30 ET); St. Louis Fed President Bullard (non-FOMC voter) (9:30 ET); Natural Gas Inventories for the week ending 10/03 (10:30 ET); FOMC Minutes for the 9/17 meeting (14:00 ET); $13 bln 30-year auction – reopening (results at 13:00 ET); Minneapolis Fed President Kocherlakota (non-FOMC voter) gives welcome remarks (13:00 ET); San Francisco Fed President Williams (FOMC voter) (15:30 ET)
- Friday: September Export Prices ex-ag. and Import Prices ex-oil (08:30 ET); Atlanta Fed President Lockhart (FOMC voter) (9:10 ET); August Wholesale Inventories (10:00 ET); Chicago Fed President Evans (FOMC voter) (13:30 ET)
Treasury Yields:
- 2 Year Note 0.58% -0.06
- 5 Year Note 1.29% -0.08
- 10 Year Note 1.99% -0.06
- 30 Year Bond 2.82% -0.03
2/30 Spread: 224 bps ( +3 ) … 2/10 Spread: 141 bps ( UNCH )
Preview for the week Monday 5 Oct to 9 Oct, 2015
Economic Data
Monday (5 Oct) :
- ISM Services : 58.0 (Prior 59.0)
- Trade Balance : -$44.5B (Prior -$41.9B)
- MBA Mortgage Index : (Prior -6.7%)
- Crude Inventories : (Prior 3.995M)
- Consumer Credit : $19.5B (Prior $19.1B)
- Initial Claims : 275K (Prior 277K)
- Continuing Claims : 2205K (Prior 2191K)
- Natural Gas Inventories : (Prior 98 bcf)
- FOMC Minutes
- Export Prices ex-agri :
- Import Prices ex-oil :
- Wholesale Inventories : 0.0% (Prior -0.1%)
Earnings Highlights
Monday (5 Oct) :
Tuesday (6 Oct) :
Wednesday (7 Oct) :
Thursday (8 Oct) :
Friday (9 Oct) :
BMO - None
AMC - TCS
AMC - TCS
Tuesday (6 Oct) :
BMO - PEP
AMC - PSG TISI YUM
AMC - PSG TISI YUM
Wednesday (7 Oct) :
BMO - AYI WMS STZ GBT GPN MON RPM
AMC - DRWI MG RECN
AMC - DRWI MG RECN
Thursday (8 Oct) :
BMO - DPZ ISCA
AMC - AA ANGO HELE RT VOXX
AMC - AA ANGO HELE RT VOXX
Friday (9 Oct) :
BMO - None
AMC - None
AMC - None
Summary
Friday's retracement was certainly a strong one. I think market was fairly bullish but internals indicated otherwise. For this I will be looking at how the market opens next week first. And I suppose we should see some bullish follow through from Friday's play.
It is getting harder to make the call on the market. There are many market noises around and that could easily disturb the movement. Next week economic data are fairly light and I am staying out meanwhile before I could get more confirmation view on the market.
Friday's retracement was certainly a strong one. I think market was fairly bullish but internals indicated otherwise. For this I will be looking at how the market opens next week first. And I suppose we should see some bullish follow through from Friday's play.
It is getting harder to make the call on the market. There are many market noises around and that could easily disturb the movement. Next week economic data are fairly light and I am staying out meanwhile before I could get more confirmation view on the market.
Direction for Monday 5 Oct, 2015: Up
2015 Daily Directional Accuracy: 99/155 (63.87%)
2015 Weekly Directional Accuracy: 23/37 (62.16%)
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