|
|
world stock market, us stock market
* * * *
9/15/07 Stock Split Report
* * *
Stock Split Report Subscribers:
MARKET ALERTS
Targets hit alerts: None issued
Buy alerts: GLDN
Trailing stops: ISRG; NVDA
Stop alerts issued: ESRX
The market alert service is a premium level service where we issue intraday alerts relating to the general market conditions, when stocks hit action points (buy, stop, target, etc.), and when we see other information impacting the market or our stocks. To subscribe to the SSR alert service you can sign up at the following link:
http://www.investmenthouse.com/alertssr.html
SUMMARY:
- Market gets the mortgage and consumer jitters again but recovers.
- Retail sales not nearly as bad as they were made out to be.
- Fed is going to find a hard time pleasing all of the market all of the time.
Market overcomes lender troubles, weaker retail sales, but that is about all it does.
The market had some issues to deal with on Friday, the first being Northern Rock, the fourth-largest lender in the UK. It had to run to the queen, the Bank of England (BOE) for some emergency funding related to problems it is having with its mortgage investments. About twice a week a story arises with respect to mortgages, and the market needed the Northern Rock story in order to meet its quota for the week. In addition, US banks borrowed $7.2 billion from the Fed's discount window, the largest amount borrowed in a single day since the day following 9-11-01. That is what the Fed wants, i.e. to free up the credit market, but it also hiked concerns about the need to do so. The Fed just can't win. China was at it again, raising interest rates for the seventh time, finding it necessary to take action in addition to its recent increase in required reserves for its banks. There were some downgrades of some big names such as American Express and Intel, and the coup de grace was a disappointing retail sales number. Retail sales were not bad, they were just not as strong as many had hoped and some had prayed for.
The futures thumped lower and the market opened lower as well, but almost immediately it started to recover losses. There was realization that the retail sales were not actually that bad despite what the talking heads on the financial stations were spewing. Import prices were lower, indicating that there was no threat of inflation in the US. The Bernanke Fed did a good job of fighting inflation when it took over from Greenspan and his "feed the money supply, raise interest rates" approach to inflation control, but it appears to have lost sight of the fact that it actually won the battle. All of the numbers for 2007 show that inflation is under control. The core PCE annual rate has clocked in at 1.9% for the past two months, and over the prior six months is running at 1.5%. Energy is higher thanks to global growth in demand, and food is higher thanks to government folly with respect to ethanol, tying up all of our corn production in making expensive fuel versus feeding hungry people. But when you factor inflation you can't really count government folly and solid growth as inflation pressures. Indeed, as former Fed President McTeer has said, growth means lower inflation.
But, as usual, I digress. After that lower open the market turned back up and started to recover its losses. At 10 ET September preliminary Michigan sentiment statement was released, and it was both higher and better than expected (83.8 versus 83.5 expected and 83.4 prior). Industrial production was a bit lower than expected (0.2% versus 0.3% expected in 0.5% prior), but capacity utilization beat expectations, coming in at 82.2% (82.0% expected, 82.2% prior). That didn't really give the market is shot of B12, but it did bolster the action and keep stocks in recovery mode. It didn't hurt that oil was lower (79.10, -0.99) and after surging over 80 during the week. That put oil at a new all-time high in current dollars, but adjusted for inflation is still well below the near $100 per barrel mark set in the early 1980s.
The markets made a slow steady recovery through the afternoon into the close, with no real attempts to sell it off. Some of the energy stocks took a breather, given that oil is taking a breather as well, but they still did provide some leadership, along with financials that were in the game pitching once more given the continued Fed bid under the market, at least until the Tuesday FOMC meeting. The rest of leadership was found in the usual suspects of late: metals, energy, large-cap tech, and Biotech/and health services. Once more this leadership led to a positive though basically flat finish for the market.
Technically speaking: no change.
There were some definite positive attributes to the Friday market action. Futures were in the doghouse, but the market held nicely at near support and a rebound from there closed it at session highs. You have to like that low to high action, particularly when the market has to digest more issues relating to credit, mortgages, and consumer. As noted above, there's still some good leadership in the global areas, and indeed it even spread out a bit further on Friday. We don't want to get too excited about that, given the Fed meeting on Tuesday, but it was good to see some of the wealth spreading around the market.
Of course there is still weak volume and basically no breadth, and indices remain well below a raft of near-term resistance. They made higher lows over the past week, and are looking to do the same after Friday and given the gap lower and the nice recovery. In addition, the patterns are stretching out laterally as the indices work through a range, selling back, then rebounding, but refusing to give up gains. This is pretty healthy action that helps set up a foundation to try and break on through that resistance.
Good action but not outstanding, and with the FOMC meeting Tuesday afternoon it is difficult to handicap whether this consolidation actually breaks out. If the Fed cuts 50 basis points on the Fed funds rate, cuts the discount rate by 75 basis points, and says it still stands ready to assist in whatever manner appropriate, then perhaps the indices will break out through the resistance. That is pretty much the 'nirvana' scenario. That is unlikely, and that means the market stands to be disappointed. Until that time, however, we look for the same kind of slow, steady rise seen last week and typical of pre-FOMC moves toward the pronouncement as stocks rise modestly on the Fed bid.
THE ECONOMY
Retail sales fail to hit expectations, but they are not tanking.
Maybe the writers and pundits are hoping for a larger rate cut, and thus they are framing the retail sales data and the plight of the consumer much worse than it actually is. Story after story on Friday parsed the retail sales report in the worst possible light. We read several new consumer surveys, none with track records, discussing the poor consumer. Gasoline prices, mortgage issues, worries about the credit crisis are cited as weighing down consumer confidence and thus spending.
There's no doubt the numbers were not great, but they weren't a calamity either. Overall retail sales rose 03% versus the 0.5% gain expected and 0.5% gain prior (revised higher from 0.3%). No problem with that. The issue arose with respect to the ex-auto sales at -0.4% versus 0.2% expected and sharply higher 0.7% in July (revised higher from 0.4%). Without automobile sales, retail sales looked pretty crappy.
There are a couple issues with respect to the ex-autos number, however. You can read way too much into one month, with respect to automobile and vehicle sales. Recall back in 2005 and 2006; the retail sales would bounce up and down month-to-month based upon auto sales. Some months auto sales would bounce and retail sales would jump and the next month auto sales would tank and retail sales would fall. Every month we would hear about how the consumer was about to collapse under the debt burdens and high gasoline prices he was facing. Every month, the consumer kept on spending.
Second, there were very positive attributes to the lower ex-autos number. A lot of the decline was driven by lower gasoline prices: the gasoline decline alone dropped the retail sales number by 0.6%, a very substantial impact on the number. Consumers bought the same gasoline, they just paid less for it. You have to remember that retail sales do not measure units purchased, just total dollars spent. Thus, if consumers get a price break, they may still buy the same amount but just don't spend as much for it. That frees up dollars to be used elsewhere, and that's a good thing according to most basic economics textbooks. One CNBC lightweight journalism major lamented lamenting the fact that the gasoline station owners would have less money to spend, but when you consider the impact of hundreds of millions of consumers purchasing gasoline versus a few hundred thousand station owners selling it, the sheer idiocy of such an argument speaks for itself and makes you lament for more contributors in the mold of Ron Insana and Rick Santelli.
Again, there are issues weighing upon the consumer, but it is important not to succumb to hype and hyperbole when examining just what's going on. There is indeed more spending occurring at the discount retailers as Wal-Mart's recent same-store sales numbers show. Wal-Mart is a recession retailer. We learned that was the case in the last recession when Wal-Mart along with other discounters were leading all other retailers. Wal-Mart sales peaked as the recession ended, however, and they have not improved until recently. That is a sign there is some pressure on the consumer. And of course gasoline prices still remain high, but also, they are nowhere near in the three dollar a gallon national average that they were earlier in the year when consumer was still strong. As far as consumer angst over the credit issues and commercial paper issues facing the financial markets, I have yet to meet an average consumer who understands what's going on with those issues or even realizes there is a problem associated with those areas. It's hard for a problem to act as a drag upon the consumer if the consumer doesn't know a problem exists, especially when the consumer is very confident about his job prospects.
The Wal-Mart same-store sales raise a very interesting point. Recall that the recent same-store sales reports for retailers overall were much better than expected, but in the Friday retail sales report was worse than expected. When you parse the numbers and look at why the retail sales number was lower, you see the lower gasoline prices (a positive as we noted) drove much of the reduction. At the same time, the same-store sales do not have gasoline as a component of sales (unless of course you are a gasoline station); there was no major drop in apparel and other goods associated with back-to-school spending, and thus the dollars spent more accurately reflect consumer strength.
In sum, while the consumer is slowing somewhat, there is no major drop-off in consumer spending. That may yet come if there is no relief in the form of stabilizing home prices and stabilizing gasoline prices, but we are coming to the slower demand season for gasoline. Already we're seeing the effects of that as gasoline prices did not rise appreciably in response to three major refineries shutting down production on the Texas Gulf Coast as Humberto came ashore last week. In any event, the markets seemed to "get it" on Friday after the initial futures drop aided by the retail sales results. The market recovered quite nicely into the close despite the comment by a CNBC anchor that retail sales were "trending lower month after month after month." It was on TV so it has to be true.
Higher taxes, anyone?
With the Federal Reserve on the brink of initiating a round of rate cuts in order to save the economy, housing posting its first potential annual loss since the Great Depression, and credit markets in a state of deep freeze, it is no wonder that we are hearing about higher taxes from the new majority in Congress. Recall that during the midterm elections when the subject of taxes was raised and whether or not the Democrats would seek to raise them if they gained the majority, the party line was "only as a last resort."
Since the elections, without cutting one dime in any appropriations, we are hearing that the "necessary fix" to the alternative minimum tax and other "unfair tax loopholes" is to either directly raise taxes on the "wealthy" or a combination of tax hikes and letting the existing tax reductions expire. That means a return to high tax rates on dividends and capital gains, and the associated draining of liquidity once more from the economy.
People label me a Republican, but I'm really a conservative without affiliation. That is a big difference right now. I was raised a southern Texas Democrat, and in the old Democratic Party that meant a conservative. My values are conservative, whether it's Republican conservatism or Democratic conservatism. There are many policy decisions the current administration has made that I entirely oppose. With that understanding, I have to say that the only party I know that would raise taxes on capital that the economy desperately needs to maintain growth and fend off a recession due to the issues our country is currently facing is the Democratic Party as it exists today.
John Kennedy knew you had to cut taxes in order to create incentives to invest and thus jumpstart a stagnant economy. Bill Clinton, despite the woefully incorrect advice of Robert Rubin, knew to cut taxes on capital gains in order to keep the economy moving even as he raised marginal tax rates. There are many misguided or simply plain stupid members of Congress who believe that there is a certain level of taxes that generates the perfect economic expansion, and that level is the one in place during the Clinton years. At the same time, however, they forget it was slashing the capital gains tax rate that provided enough investment capital to keep the expansion alive a little longer despite the higher marginal tax rates for individuals. There are so many variables associated with what the appropriate tax rate should be for any given economic situation that such thinking is as equally asinine as that of the CNBC reporter lamenting the plight of gasoline service station owners because of falling gasoline prices.
Unfortunately, this new majority thinks it has a mandate to change the tax structure (doesn't it seem that every time a new majority comes in it believes it has a mandate?) in order to make the system "fair" and balance the budget, yet it won't introduce any legislation to reduce any spending, wasteful or otherwise. It also ignores that tax receipts continue to surge with the lower tax rates due to the increased economic activity they produce. Indeed the current deficit is 10% less than expected and continues to fall as tax receipts continue to rise.
It never ceases to amaze that taxpaying US citizens sit by and let Congress talk about hiking taxes without ever demanding Congress reduce spending or cut waste. We are told by Congress that the "American people" want all of the spending currently in place. Less then 1% of the "American people" I talk with, however, like the current level of spending one bit. They want Congress to substantially reduce its spending, cut its budget, and return more of the money back to the American citizens who earned it. Unfortunately, however, what I'm hearing out of Washington is that taxes on capital are going to rise, and historically, that means a slower economy for everyone. We all know the slowing economy means fewer jobs, but that's something the new majority in Congress won't talk about. Instead, they rely on the emotional argument of sticking it to be "rich" and falling back on the Clinton years as proof higher taxes lead to more jobs. As noted, they have selective amnesia about President Clinton and his decision to lower capital gains tax rates, instead wanting to do exactly the opposite. With that kind of flawed logic in control we are in trouble of once again ruining an economic expansion. We risk driving a stake into the heart of the economy instead of giving it the medicine it needs to recover and strengthen once more after these credit issues. It seems unbelievable, but we've done it several times over the course of history and are looking to do so again.
THE MARKET
MARKET SENTIMENT
The sentiment indicators are diverging somewhat. The Bulls/Bears indicator showed surprisingly sharp changes over a one-week period. These were more bearish changes, though the readings are still well within tolerances. The put activity remained strong, with more closes over 1.0, indicating a high level of concern with respect to future downside activity. Volatility has settled into a range between 22.50 and 27.50 after spiking to 37.5 in mid August. That is considered amid the range for the "normal" volatility range.
VIX: 24.92; +0.16
VXN: 26.96; -0.48
VXO: 25.45; +0.61
Put/Call Ratio (CBOE): 1.1; +0.07. There is still a tremendous amount of put activity even as the market rises. There was definitely a reason to purchase protection or speculate to the downside Friday with the additional mortgage issues in the retail sales number stirring the negative pot, but this is a contrary indicator, and thus the higher it is the better it is.
Bulls: 48.3%. Major surge in bullishness, up from 42.9% and 40.6% as the low for this round. Wanted it in the thirties but did not make it. This is down from 56.7% hit in June. The 55% level is considered bearish, and it topped that level on this last run. 60% in December 2006. For reference it bottomed in the summer 2006 near 36%, and 35% is considered bullish.
Bears: 31.0%. Major drop in bears, plunging from 37.4% where it held for 3 weeks. It is still well up from the very low 18% hit 8 weeks back, and it topped the June 2006 peak (36%). That June peak eclipsed the March 2006 high (33%) and well above the 2005 highs that spawned new rallies (30% in May 2005, 29.2% in October 2005).
NASDAQ
Stats: +1.12 points (+0.04%) to close at 2602.18
Volume: 1.575B (-7.08%). Outside of the Wednesday bump higher when NASDAQ rallied but then reversed the closed slightly lower, volume has trended lower since early September. To start the month volume was higher, though it was still well below average and even below the average prior to the large volume spikes in July and August. For consolidation action i.e. NASDAQ moving laterally, this is not a bad price/volume action. Unfortunately, the lack of volume means we don't have a really good take on the pulse of the strength of buyers versus the strength of sellers heading into the FOMC meeting.
Up Volume: 803.929M (-142.421M)
Down Volume: 740.714M (+2.944M)
A/D and Hi/Lo: Advancers led 1.25 to 1
Previous Session: Advancers led 1.03 to 1
New Highs: 72 (+42)
New Lows: 107 (+59)
NASDAQ CHART: http://investmenthouse.com/ihmedia/NASDAQ.jpeg
NASDAQ gapped lower on the retail sales numbers and renewed mortgage worries, but it held the 50 day EMA on the low, and immediately started to rebound. It moved back above the 90 day EMA and closed just over some support at 2600. After the higher volume move to the upside to start September, NASDAQ has struggled, capping lower on the jobs report and then recovering to work laterally along a 50 day EMA. While it's still works below the June double peaks with a top at 2635, it has managed to work laterally, stretching its nine week pattern. That is allowing it to base out more and set up something of a ramp to take a run at that resistance. It will take something solid to send it up through that resistance, and of course a large rate cut by the Federal Reserve would provide it to fuel it needs. Not sure if it gets that gift in the near term, however.
SOX (-0.24%) continues to struggle, closing down just over 11 point on the session. It undercut the 200 day in a own the low, but then it rebounded to hold that level on the closed, showing a nice doji with tail. It looks ready to make a higher low here and attempt bounce, though it will need the help of the rest of the market and the Federal Reserve. There is still significant resistance up to 510.
SOX CHART: http://investmenthouse.com/ihmedia/SOX.jpeg
SP500/NYSE
Stats: +0.3 points (+0.02%) to close at 1484.25
NYSE Volume: 1.205B (-5.2%). As with NASDAQ, volume continues to trend lower as the NYSE indices moved higher on the week. You can read what you want in to the modest decline in volume, but the trend has been lower for the past month ever since the mid-August plunge and reversal. These low volume rallies typically fail, and the NYSE indices have put in a month of rebounding on that low trade. Thus if there is going to be a test, this is the perfect time to do it, what with the FOMC meeting coming on Tuesday. The FOMC result will swing the market near term and will undoubtedly break the drought with respect to low volume.
Up Volume: 675.937M (-233.282M)
Down Volume: 519.092M (+162.332M)
A/D and Hi/Lo: Advancers led 1.2 to 1
Previous Session: Advancers led 1.41 to 1
New Highs: 64 (+25)
New Lows: 115 (+76)
SP500 CHART: http://investmenthouse.com/ihmedia/SP500.jpeg
SP 500 was under pressure, as were all the indices, and it tested lower to the 50 day EMA right out of the gates. As with NASDAQ, however, it immediately recovered and by the close posted in ever so modest gain. That kept the large caps just below the next important range of resistance that starts at 1490 and runs up through roughly 1512. High-volume selloff, low-volume rebound, sitting just below resistance right before the FOMC's most important decision since Bernanke became Fed Chairman. It's not the greatest picture for a strong upside move, but S&P 500 has, similar to NASDAQ, stretched its consolidation laterally, and it gives a better running started making a breakout if it was to give it a try post-Fed.
In the small camp, SP600 tested lower as well, but it rebounded to close positive, one of the market leaders on the session. Unfortunately, that doesn't do a whole lot for its pattern. It is trying to make another higher low, but it resides still below the 200 day SMA. It is certainly put in the time for a base, and if the Fed were to cut 50 basis points, investors may give the index the benefit of the doubt near term on the hope that the Fed had acted in time to renew an expansion of the economy. As we know, small caps thrive in a growth environment, something the market is not promised over the past three months.
SP600 CHART: http://investmenthouse.com/ihmedia/SP600.jpeg
DJ30
The Dow has certainly improved its pattern of the last week. It made a higher low to end August, rallied up to the 90 day in May, but then failed. Volume was high as it turned back down and it looked as if the Dow was going into freefall once more. It found support on the August 2006/March 2007 trendline for the second time in three weeks, however, and that bounced it back up to the 90 day in May where it closed Friday. It has a couple of higher lows and a higher high on this rebound, and that is a solid technical improvement. It still has to break on through the 90 day moving average, and ultimately clear the June highs at 13,691 to crack the resistance and break up this still toppy pattern. Pretty tall order going in to the FOMC meeting, but again, the pattern has improved significantly.
Stats: +17.64 points (+0.13%) to close at 13442.52
Volume: 204 million shares Friday versus 209M shares Thursday. Volume remains low on the Dow as well.
DJ30 CHART: http://www.investmenthouse.com/ihmedia/DJ30.jpeg
MONDAY
A heavy week of economic data with a couple of a regional manufacturing reports, the PPI and CPI, housing starts, and leading economic indicators. Of course, the focus is the FOMC policy statement issued at 2:15ET on Tuesday.
The Fed is going to have a hard time pleasing everybody. Of course, the Fed will say that is not its mission, though we all know that the Fed wants to not only take the appropriate policy action that will rectify the credit in potential economic slowdown issues, but also restore confidence that the Fed, the government, in the economy will overcome the issues at hand.
The Fed has a few choices. It can reduce the discount rate to match the Fed funds rate, leaving the Fed funds rate at its current level. That would definitely be action aimed at the credit problem, but it also be a massive blunder with respect to restoring confidence that the Fed and the federal government in general, had the situation in hand (not that anyone really believes that is the case in the first place). The Fed can reduce the discount rate to 5.25% and cut the Fed funds rate by 50 basis points to 4.75%. That would attack both the credit and the liquidity issues as well as the confidence issue. That is what is really needed, but it is doubtful that the Fed will go there. The Fed just switched its bias to neutral, and it had to do that inter-meeting; a 50 basis point cut in the Fed funds rate so soon could spark a panic in the market. Of course it would likely be only near-term as the market realizes it has a 50 basis point rate cut in the bag, but the Fed simply does not like to move in such large increments.
A third alternative, the 25 basis point cut in the Fed funds rate and a likely 75 basis point reduction in the discount rate; that is what we will likely get. That won't do the trick for the market as it is looking for a surprise, something more than the 25 basis points it's already built in with this recovery after the disappointing jobs report. It will likely lead to near-term market weakness, though overall the market will perform better with the Fed in the rate cutting camp. The question is whether or not, the Fed acts swiftly enough to deter recession, and many believe that 25 basis points is simply too little, too late. Thus, a 25 basis point rate cut likely leads to a selloff that pushed the indices down toward a test of the August low.
Ahead of that, however, the market does tend to rise moving into an FOMC meeting. As per our plan outlined on Thursday night, we will let our positions rise as much as they will, using the move to take some more gain off the table in our strongest positions, and significantly pare or close other positions. Most of our plays remain in excellent shape heading into the FOMC meeting, and thus it is more difficult to decide whether we should close them not.
Basically, our goal is to lighten up in order to be lighter on our feet at the time of the Fed announcement. If a stock has made a big run up into the number we will be inclined to take more of it off the table ahead of the results. If the stock has lagged and is struggling to get off of support, it is candidate to be closed in that it might be unable to hold a support in the wake of the Fed meeting. If a stock is in a steady uptrend or made a strong breakout and is holding them move, will be inclined to leave more on the table heading into the decision. A lot of what you decide to keep in your portfolio depends upon your type of exposure to the market. With options you want to be a bit more careful because of the time element and the fact that a Fed disappointment will take time to work through the system. Thus, time is spent waiting for the stock market to recover and respond favorably to a rate cut is time your option loses value.
Of course there is always the possibility that the Fed will wow the market by doing the right thing, and if it does we will still have some positions in very strong stocks that will make us money. They idea, however, is to truncate our overall exposure to the market heading into such a critical pronouncement that in all likelihood will simply be unable to satisfy market expectations. That said, we will still look for opportunity with strong stocks that are making good moves and preferably have some form of the "connection" to the global economy. Those stocks have outperformed over the past few weeks despite the worries about the US economy and what the Fed is going to do because more and more the rest of the world economies do not hang on what we do over here. If the Fed "does the right thing" with respect to the views of the rest of the world, then these stocks should continue to perform well regardless of the Fed pronouncement.
Support and Resistance
NASDAQ: Closed at 2602.18
Resistance:
2634.60 is the June peak
2646 is the October/December trendline
2673 is the early July high
2687 is the November/December/February up trendline
2715 is the November/February up trendline
2725 is the July high
2778 from a July 1999 peak
2887 from a September 1999 peak
2920 from an October 1999 peak
Support:
The 50 day SMA at 2592
The 90 day SMA at 2589
The 50 day EMA at 2577
2531.42 is the February high (post-2002 high); 2525 intraday
The 200 day SMA at 2516
2509 is the January 2007 high
2450 is some price support from November and December 2006
2415 is that old trendline from August 2004 to May 2005
2400 is price support
2386 is the August intraday low
S&P 500: Closed at 1484.25
Resistance:
1490.72 is the early June closing low and early August peak.
1492 is the July 2006/March 2007 up trendline
The 90 day SMA is at 1497
1534 is the early July high
1539 is the mid-June intraday high
1541 is the early June high.
1553 intraday high from March 2000 is the all-time index peak
Support:
The 50 day SMA at 1481
The 50 day EMA at 1475
1475 from peaks in December 1999 and January 2000
1461.57 is the February 2007 high.
The 200 day SMA at 1462
1440 is the mid-January high
1427 represents some interim peaks from December 2006 and the early August low
1406 - 1407 from March 2007 and November 2006 interim peaks
1389 from October 2006 interim peak
1375 - 70 from March 2007 low
1370 is the August intraday low
Dow: Closed at 13,442.52
Resistance:
The 90 day SMA at 13,446
The mid-May peak at 13,556
The early July peak at 13,671
The mid-June high at 13,689
The early June high at 13,676 (closing), 13,692 (intraday)
The August high at 13,696
The July high at 14,022
Support:
The 50 day EMA at 13,334
13,129 is the July 2006/March 2007 up trendline
13,121 is minor support from the April peak
The 200 day SMA at 12,945
12,845 is July closing low
12,796 at the February 2007 high
12,518 is the August intraday low
12,500 is the December 2006 peak
Economic Calendar
These are consensus expectations. Our expectations will vary and are discussed in the 'Economy' section.
September 17
New York and parse date Index, September (8:30 a.m.): 18.0 expected, 25.1 prior
September 18
PPI, August (8:30 a.m.): -0.1% expected, 0.6% prior.
Core PPI, August (8:30 a.m.): 0.1% expected, 0.1% prior
Net Foreign purchases, July (9:00): $120.9 billion prior
FOMC policy statement (2:15 p.m.)
September 19
CPI, August (8:30 a.m.): 0.0% expected, 0.1% prior
Core CPI, August (8:30 a.m.): 0.2% expected, 0.2% prior
Housing Starts, August (8:30 A.M.): 1.3 6 Million Expected, 1.3 8 Million Prior
Building permits, August (8:30 a.m.): 1.3 5 million expected, 1.37 3 million prior
Crude oil inventories (10:30 a.m.): -7.01 one million prior
September 20
Initial jobless claims (8:30 a.m.): 319K prior
Leading Economic Indicators, August (10:00 a.m.): 0.0% expected, 0.4% prior
Philadelphia Fed, September (12:00 p.m.): 2.0 expected, 0.0 prior
End part 1 of 3
|
world stock market
us stock market
|
