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Market Watch: Expert says-“Market Adrift, Tied to Nothing!”

By
Phil Cannella
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The dollar was up again but oil was down, and so followed the markets today.  Consumer confidence continues to rise slowly which fuels the fire of another possible rate hike by the Fed.
Eric Chemi wrote an interesting piece for CNBC today with the headline:

“A Market Adrift, Tied To Nothing, Confusing Everybody”

Sounds encouraging for investors, right?  In the story Chemi surmised as to why stocks have left traders so confused that nobody knows what they’re tied to, and nobody has a good sense for where they’re going.
“Stocks are just doing their own thing, which is why they’ve been so confusing for traders over the last few weeks. It’s an environment that could be conducive to stock pickers but rough on trend followers.”
Read the who story here.

Here are the final numbers from Tuesday, August 30th, 2016 on Wall Street:

Dow Jones Industrial Average: 18,454.30 (-48.69 / -0.26%)

NASDAQ: 5,222.99 (-9.34 / -0.18%)

S&P 500: 2,176.12  (-4,26/ -0.20%)

Market Watch: Spending up & so are markets

By
Phil Cannella
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A mostly positive day on Wall Street thanks to improvement in the value of the U.S. dollar worldwide along with an increase in financial issues and materials stocks. After last week’s turmoil in the markets over if and when the Fed might raise interest rates again, investors seemed pretty assured that the Federal Reserve Open Market Committee would not decide to lift rates anytime soon over it’s current level of .25 basis points.
Jeffrey Saut, chief investment strategist at Raymond James said today:

“I think the market is suggesting that the Fed isn’t going to be able to raise rates, and I think the real story is, even if they do raise rates, it will be because the economy is getting better.”

Consumer spending in the U.S. rose 0.3 percent in July, in line with expectations. Personal spending also rose 0.1 percent last month and is up 1.6 percent over the 12 months through July.  Investors are already anxiously looking ahead to the release of Friday’s August jobs report, with speculation of a rate hike next month increasing.

More from CNBC below.

Here are the final numbers from Monday, August 29th, 2016 on Wall Street:

Dow Jones Industrial Average: 18,502.99  (+107.59 / +0.58%)

NASDAQ: 5,232.33 (+13.41 / +0.26%)

S&P 500: 2,180.38  (+11.34/ +0.52%)

Market Watch: Why Wall St. may have moved into the “danger zone”

By
Phil Cannella
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0
It was a relatively flat day on Wall Street, with small gains as markets struggled to gain any momentum following release of the July Fed minutes. General consensus from voting policymakers is that that more data is needed before another Fed rate hike is considered. Read the July Fed minutes here.  Cisco did announce plans to cut 5,500 jobs, or 7% of global workforce starting next fiscal year. Meantime, The Investors Intelligence survey, which measures the economic & investment attitudes of over 100 editors of global investor newsletters  shows over 56% of them are optimistic about the stock market. However, that investor confidence and positiveness may be a warning sign that markets are over-inflated.

John Gray, co-editor of the Investors Intelligence newsletter says:

“The current attitude level is considered the danger level and the market is poised to head the other way in the near term. Early July saw the bulls exceed 50 percent and we said it might take the Nasdaq comp joining other ongoing index highs to achieve the capitulation to boost the reading to into the top region. The bulls could still advance further to equal those 2015 peak levels.”

Dan Suzuki, Senior U.S. Equity Strategist for Bank of America-Merrill Lynch told CNBC’s “Markets Now” that there has been a change in leadership on Wall Street and the fundamentals of the market are not very good when compared to valuations.  Watch more below.

Here are the final numbers from Wednesday, August 17th, 2016 on Wall Street:

Dow Jones Industrial Average: 18,573.94  (+21.92 / +0.12%)

NASDAQ: 5,228.66 (+1.55 / +0.03%)

S&P 500: 2,182.22  (+4.07/ +0.19%)

Market Watch: Comments by a Fed President startles Investors

By
Phil Cannella
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Stocks fell from their record highs today as comments from one of the Federal Reserve bank presidents spooked investors on Wall Street.
New York Fed President William Dudley said that a September rate hike “is possible.”

Dudley told Fox Business Network–

“I don’t think my views have changed very much. I think we’re looking for growth in the second half of the year that’ll be stronger than the first half — so some acceleration in the growth outlook. We’re edging closer towards the point in time where it’ll be appropriate to raise interest rates further. I think a September rate hike possible.”

See interview below.

San Francisco Fed President John Williams said in a recent paper that central banks might have to raise inflation targets, focus more on growth and back much looser fiscal policy in future. The Fed is scheduled to release the minutes of its July meeting Wednesday at 2 p.m.

Meanwhile, the chief investment officer of AIG’s enormous $350 billion dollar investment portfolio said today that he doesn’t think Federal Reserve banks care about retirement funds.  AIG CIO Doug Dachille told CNBC’s Squawk Box-

“All savers are being negatively affected by easy monetary policies around the globe. All this reduction in interest rates, while it’s certainly been good for the appreciation of the asset side of everybody’s balance sheet, unfortunately it’s increased the value of the liability side of the balance sheet,and the average person doesn’t know the implicit liabilities that they have.”

See more below.

Here are the final numbers from Tuesday, August 16th, 2016 on Wall Street:

Dow Jones Industrial Average: 18,552.02  (-84.03 / -0.45%)

NASDAQ: 5,227.11 (-34.90 / -0.66%)

S&P 500: 2,178.15  (-12.00/ -0.55%)

Market Watch: Stocks hit all-time highs but hedge fund giant is bearish

By
Phil Cannella
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Monday marked a great start to the trading week for all three major U.S. stock indices.  The Dow, S&P 500 & NASDAQ each closed at all-time record highs.  Why and what does it mean?  See more from CNBC’s Bob Pisani below.

Meantime, one giant in the hedge fund industry-David Tepper of the $19 billion dollar in controlled assets company Appaloosa Management is feeling a little guarded recently about the markets. See more below.

Here are the final numbers from Monday August 15th, 2016 on Wall Street:

Dow Jones Industrial Average: 18,636.05  (+59.58 / +0.32%)

NASDAQ: 5,262.02 (+29.12 / +0.56%)

S&P 500: 2,190.15  (+6.10/ +0.28%)

Market Watch: Remembering the Dot Com bubble burst of 2000

By
Phil Cannella
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An investor reacts as he monitors the share index at a private stock market gallery in Kuala Lumpur on September 18, 2008. Share prices on Bursa Malaysia were broadly lower at mid-day amid a global sell-off triggered by growing concerns over the extent of the United States credit crunch and domestic political uncertainties, dealers said. AFP PHOTO (Photo credit should read AFP/AFP/Getty Images)
The markets retreated a bit on the last trading day of the week but they are still at or near all-time highs. With that being, said you may be wondering what happened the last time all 3 major U.S. stock indexes were at all-time record highs?  Well, that was back in 2000 and what followed the record highs was market shattering, dot-com bubble crash.

As CNBC said today:

“The last time the Dow Jones industrial average, Nasdaq and S&P 500 closed together at new highs was Dec. 31, 1999. Bill Clinton was in the White House, “The Green Mile” was in theaters and the dot-com bubble was nearing its apex. In March 2000, that bubble burst and all three indexes plunged. By the end of 2000, the Nasdaq was down 39 percent, the Dow 6 percent and the S&P 500 10. Two years after reaching their historic highs together, the Nasdaq had lost half its value, and closed down 52 percent on Dec. 31, 2001. The S&P 500 closed down 22 percent in that time and the Dow 13 percent.”

Read more of Nicholas Wells‘ story here.

Here are the final numbers from Friday, August 12th, 2016 on Wall Street:

Dow Jones Industrial Average: 18,576.47  (-37.05 / -0.20%)

NASDAQ: 5,232.90 (+4.50 / +0.09%)

S&P 500: 2,184.05  (-1.74/ -0.08%)

Market Watch: Stocks up but retail stores are falling

By
Phil Cannella
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0
As all three U.S. stock indexes finished with record closes, word came today that Macy’s, one of the world’s largest retailers is closing 100 of its 650 stores, or 15% of its global locations. According to Challenger, Gray & Christmas, more than 43,600 layoffs have been announced in the retail industry so far this year. See more here.

Even with stock prices at new record highs, with a great deal of money and speculation in the markets, one economist and strategist is advising investors to “start scaling back” on stocks. David Rosenberg, chief economist and strategist at Gluskin Sheff wrote in his daily report today:

“Speculative bets on the S&P 500 are at their highest levels since Jan. 6, 2015, with traders speculating on market direction through Dow futures contracts. These spec positions along with 11 other factors are a warning to clients that they should sell into, not buy, the recent rally. Discipline means always buying the fear and selling the greed. On a scale of one to 10, we are at eight on this scale. So start scaling back.”

See more below.

Yesterday a drop in price of oil caused the markets to dip.  Today: oil was up & that was good news for Wall Streets.
Here are the final numbers from Thursday, August 11th, 2016 on Wall Street:

Dow Jones Industrial Average: 18,613.52  (+117.86 / +0.64%)

NASDAQ: 5,228.40 (+23.81 / +0.46%)

S&P 500: 2,185.79  (+10.30/ +0.47%)

Market Watch: Down Day for Wall Street

By
Phil Cannella
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0

Hump-day on Wall Street meant a down day for the market as all three major indices ended in the red.  Energy stocks led the decline, falling 1.5% with oil finishing lower. Oil dropped almost 2.5% to close at $41.71 per barrel.

As CNBC’s Bob Pisani reported today, the market is showing classic signs of “rotation,” which is, according to Investopedia:  “an investment strategy involving the movement of money from one industry sector to another in an attempt to beat the market.” Watch below.

Meantime former Fed Chairman Ben Bernanke said he believes the Federal Reserve will not raise interest rates anytime soon.

Bernanke wrote in his blog for the Brookings Institution:

“It has not been lost on Fed policymakers that the world looks significantly different in some ways than they thought just a few years ago, and that the degree of uncertainty about how the economy and policy will evolve may now be unusually high. In general, with policymakers sounding more agnostic and increasingly disinclined to provide clear guidance, Fed-watchers will see less benefit in parsing statements and speeches and more from paying close attention to the incoming data.”

Read Bernanke’s complete blog post here.

Here are the final numbers from Wednesday, August 10th, 2016 on Wall Street:

Dow Jones Industrial Average: 18,495.66  (-37.39 / -0.20%)

NASDAQ: 5,204.58 (-20.90 / -0.40%)

S&P 500: 2,175.49  (-6.25/ -0.29%)

Market Watch: Donald Trump & Marc Faber say markets are set for crash

By
Phil Cannella
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0

Despite the NASDAQ closing at a new record high today, both Republican Presidential nominee Donald Trump and world renowned economist and publisher of the Gloom, Boom and Doom Report Marc Faber said today that the markets are ready for a big fall.

A day after detailing his economic plan, Donald Trump advised against investing on Wall Street.

Trump told Fox News today:

“The big problem is that the low interest rate environment fostered by the Federal Reserve has coincided with a 227% market gain since the financial crisis lows. If rates go up, you’re going to see something that’s not pretty. It’s all a big bubble.  I did like 50 stocks just for fun, because I’m not a person that really believes in it too much, but I wouldn’t do it.”

Meantime, Marc Faber, who publishes the Gloom, Boom and Doom Report said the S&P 500 is set to crash 50%, giving back 5 years of gains.

Faber told told CNBC’s Trading Nation today:

“I think we can easily give back five years of capital gains, which would take the market down to around 1,100,”

Listen to more of what Marc Faber had to say below.

Here are the final numbers from Tuesday, August 9th, 2016 on Wall Street:

Dow Jones Industrial Average: 18,533.05  (+3.76 / +0.02%)

NASDAQ: 5,225.48 (+12.34 / +0.24%)

S&P 500: 2,181.74  (+0.85/ +0.04%)

Market Watch: Oil rises & Trump talks taxes

By
Phil Cannella
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0

Rising oil prices highlighted the first day of the new trading week as investors awaited the results of new sales data expected by the end of the week. The markets began the day with the S&P 500 and NASDAQ at new, all-time high record levels.
More from CNBC below.

Oil rose 3% to close at $43 a barrel after a report of new requests by some OPEC members to hold-back oil output.

Randy Frederick, managing director of trading and derivatives at Charles Schwab said:

“I’m expecting a neutral, sideways week because earnings season is mostly over and we just hit all-time highs plus the economic calendar this week is a little light on data.”

Today’s economic news came as a backdrop to Donald Trump’s tax proposal, as the Republican Presidential nominee called for a top income tax rate of 33% rather than 25% as he previously stated.  Trump said, if elected President, his proposals would help to reduce federal deficit growth.

See more below.

The top income tax rate is  just under 40%. Trump said today during his speech in Detroit that he will enact (3) income tax brackets of 33%, 25% & 12%.  Read more on Donald Trump’s tax and economic proposals here.

Here are the final numbers from Monday, August 8th, 2016 on Wall Street:

Dow Jones Industrial Average: 18,529.29  (-14.24 / -0.08%)

NASDAQ: 5,213.14 (-7.98 / -0.15%)

S&P 500: 2,180.89  (-1.98/ -0.09%)

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