The Averages (27452, 3335) retreated modestly yesterday, with both marking a new higher high. Another plus is that September’s the negative seasonal influence is in the rear view mirror. On the other hand, they both have those gap up opens down below, which, as you know, I believe will have to be filled.
A look at the stock market during another contested presidential election.
Gold was up again, maintaining its rebound off its 100 DMA. Still, short term, it remains in a trend of lower highs and lower lows. TLT rose, ending right on its 100 DMA (again) and continuing its struggle to keep its trend of higher lows intact. The dollar continued its slump but remained in a developing trend of higher lows. So, the individual indices continue to send inconclusive messages.
Gold, the dollar and real yields.
Tuesday in the charts.
Weekly mortgage applications declined 4.8% while purchase applications were off 1.9%.
September consumer confidence came in at 101.8 versus forecasts of 89.5.
The September ADP private payroll report showed an increase of 749,000 versus consensus of 650,000 jobs.
The final Q2 GDP growth rate was -31.4% versus projections of -31.7%; the PCE price index was -1.6% versus -1.8%; and corporate profits were down 10.7%.
July Japanese leading economic indicators were 86.3 versus expectations of 86.9; August retail sales were up 4.6% versus +0.2%; August industrial production was up 1.7% versus +1.5%.
August German retail sales were up 3.1% versus predictions of +0.5%; the unemployment rate was 4.4% versus 4.6%.
The September Chinese manufacturing PMI was 51.5 versus estimates of 51.2; the nonmanufacturing PMI was 55.9 versus 54.9; the Caixin (small business) manufacturing PMI was 53.0 versus 53.1.
The final Q2 UK GDP growth rate was -31.4% versus forecasts of -31.7%; business investment was -26.5% versus -31.4%.
New home market cap highest since 2006.
Will housing save the economy?
Chemical activity barometer rises in September.
An optimist’s view (must read).
A pessimist’s view.
Research in a bubble.
Negative rates are a huge mistake.
September bond issuance smashes record (again).
Disease panic versus medical reality.
What happened to common sense?
China’s leaders cannot be trusted.
Bottom line. The lack of value in value.
BofA lists 29 favorite value stocks and 8 value traps.
News on Stocks in Our Portfolios
Exxon. It is always darkest before the dawn.
ATT. Priced for a dividend cut that is not coming.
Hormel Foods declares $0.2325/share quarterly dividend, in line with previous.
What I am reading today
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