Thursday in the charts.
October nonfarm payrolls rose 638,000 versus projections of +600,000; the unemployment rate was 6.9% versus 7.7%.
September Japanese household spending was up 3.8% versus forecasts of up 2.2%.
September German industrial production increased 1.6% versus expectations of up 2.7%.
The Market draws comfort from gridlock.
Wall Street warms to divided government.
The FOMC meeting ended today with the normal release of a Fed policy statement. Bottom line: the Committee changed seven words from the prior statement. Meaning (1) it likely did not want to say anything noteworthy as long as the election still hangs in the balance and (2) the policy statement already promised QEInfinityForever; so, there was not much to add to that. Here is the statement:
The reflation trade is back on.
US/China trade growth signals recovery.
Soybean prices hit high as China demand picks up.
Bottom line. A textbook example of a late cycle Market.
More on valuation.
News on Stocks in Our Portfolios
CVS Health: Q3 Non-GAAP EPS of $1.66 beats by $0.32; GAAP EPS of $0.93 beats by $0.01.
What I am reading today
Tourists will soon be able to visit the Titanic for a cool $125,000.
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