It’s Time for Another Rally Attempt.

Tuesday, October 14, 9:25 a.m.

I was surprised the bulls and Wall Street firms didn’t try harder yesterday to prevent the S&P 500 from breaking below its 200-day m.a. at 1,905, and then 1,900, knowing how analysts and pundits were putting so much importance on it.

But they seemed to just let it go.

101414a

However, that only made the market even more oversold beneath short-term 50-day moving averages, making another rally attempt even more likely.

101414b 

Another rally is also needed to prevent panic and keep buy and hold investors confident that they need do nothing to protect their assets.

But will it finally be a buy the dip opportunity, or just another opportunity to lighten up by selling into it?

Other Voices. 

Michael Sincere, MarketWatch: “Volatility has returned to the market. To be specific, the market has rallied, sold off, rallied, and sold off. This is ideal for day traders but unnerving for individual investors. It is also a big red warning sign. . . . . Failed rallies mean the party is almost over and a bear market is getting closer. . . . When fear does hit the market, there will be a mad rush out the door that will remind investors of 2008.”

Jeff Macke, Yahoo Finance: “The S&P 500 is now below the 200 day moving average for the first time since 2012 and off 6.8% from recent closing highs. Our next support comes at about 1,850 where we started the year. On a technical basis there’s no where to hide anymore. That’s sort of good in that it’s the end of the beginning of the sell-off but bad in that we don’t know where prices will bottom.”

Ari Wald, chief technical analyst, Oppenheimer Asset Management: “We would expect to see a bounce with many of our bottoming indicators in an oversold condition.”

To read my weekend newspaper column, click here:  Can the Fed Come to the Rescue Again if Needed

Subscribers to Street Smart Report:

In addition to the charts and signals in the ‘premium content’ area of this blog, there will be an in-depth Markets Update (stocks, bonds, gold) tomorrow in your secure area of the Street Smart Report website.

Yesterday in the U.S. Market. 

Another ugly and volatile day for the bulls. The Dow was up 60 points at mid-day and then reversed sharply to the downside to close on its low, down 223 points, or1.4%. Volume was surprisingly heavy for a semi-holiday, with almost 0.9 billion shares traded on the NYSE.

The Dow closed down  223 points, or 1.4%. The S&P 500 closed down 1.7% (at 1,874). The NYSE Composite closed down 1.2%. The Nasdaq closed down 1.5%. The Nasdaq 100 closed down 1.6%. The Russell 2000 closed down 0.4%. The DJ Transportation Avg. plunged 2.2%. The DJ Utilities Avg closed down 0.1%.

Gold closed up $9 an ounce at $1,230 an ounce on another pullback by the U.S. dollar.

The U.S. dollar etf UUP closed down 0.6%.

Bonds (TLT) closed up 0.6%.

European Markets closed mixed yesterday.

The London FTSE closed up 0.4%. The German DAX up 0.3%. France’s CAC closed up 0.1%. Belgium closed down 0.7%. Denmark closed down 0.5%. Finland closed down 0.1%. Greece closed up 0.1%.  Ireland closed down 0.6%. Italy closed down 0.3%. Netherlands closed down 0.3%. Norway closed up 0.5%. Portugal closed up 0.3%. Spain closed up 0.4%. Switzerland closed down 0.4%.

Asian Markets mostly closed mixed last night.

The DJ Asia-Pacific Index closed down 0.6%. Among individual countries:

Australia closed up 1.0%. China closed down 0.3%. Hong Kong closed down 0.4%. India closed down 0.1%. Indonesia closed up 0.2%. Japan plunged 2.4%. Malaysia closed down 0.1%. New Zealand closed down 0.5%. South Korea closed up 0.1%. Singapore closed down 0.2%. Taiwan closed up 0.6%. Thailand closed up 0.3%.

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Markets This Morning:

European markets have come well off earlier lows but are still down some this morning.

The London FTSE is up 0.1%. The German DAX is down 0.1%. France’s CAC is down 0.2%. Belgium is down 0.4%. Denmark is up 0.3%. Finland is down 0.1%. Greece is plunging 5.5%. Ireland is up 0.1%. Italy is down 0.4%. Netherlands is down 0.8%. Norway is up 0.2%. Portugal is down 0.1%. Spain is down 0.1%. Switzerland is down 0.4%.

This Morning in the U.S. Market:

Oil is down $.99 a barrel, at $84.75

Gold is up $3 an ounce at $1,232 an ounce.

This week’s Economic Reports:

This week will be a fairly busy week for U.S. economic reports, including Retail Sales, Producer Price Index, Industrial Production, Housing Starts, etc. To see the full list and times click here, and look at the left side of the page it takes you to.

There were no reports yesterday.

This morning’s only U.S. report is that the Small Business Optimism Index fell from 96.1 in August to 95.3 in September. From Europe came reports that the German ZEW Economic Sentiment Index fell from +6.9 in September to –3.6 in October, its first time in negative territory since 2012. And inflation in the U.K. fell from 1.5% in August to 1.2% in September.

The pre-open indicators have come well off earlier lows and are quite positive.

Our Pre-open Indicators:

Our pre-open indicators are pointing to the Dow being up 70 points or so in the early going.

I’ll be back with the next post on Thursday morning at 9:25 a.m.

To read my weekend newspaper column, click here:  Can the Fed Come to the Rescue Again if Needed

Subscribers to Street Smart Report:

In addition to the charts and signals in the ‘premium content’ area of this blog, there will be an in-depth Markets Update (stocks, bonds, gold) tomorrow in your secure area of the Street Smart Report website.

Non-Subscribers:

If you haven’t done so yet, check out our new bull market/bear market indicator (BBMI) by clicking here: Market Timing Strategy

SUBSCRIBE NOW! To get all of this:

(The equivalent of four or five normal newsletters at the cost of one)

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  • A 4 to 6 page Gold, Bonds, U.S. Dollar Report every three weeks.
  • A 4 to 6 page Global Market Report every three weeks.
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  • Hotline Updates whenever signals or recommendations change.
  • Two specific portfolios (Seasonal Timing & Technical Analysis Timing)
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Market, sector, stock, gold, bond, and dollar buy and sell signals, short-sales, long-side and ‘inverse’ etf’s, mutual funds. Highly regarded and in our 26th year. As a bonus for a one-year subscription you will also receive my latest book Beat the Market the Easy Way- Proven Seasonal Strategies That Double the Market’s Performance. Click here for subscription information.

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 **** End of Today’s post*****

It’s already not just another three percent pullback.

Saturday, October 11, 12:30 p.m.

I have often written over the years about the successful efforts of Wall Street’s large program-trading firms to fool investors by keeping the 30-stock Dow looking as positive as possible.

It works for two reasons.

First, most investors are wisely busy with careers or enjoying their retirements. So if they glance at their smartphone during the day, or flick on the TV when they get home, and see the Dow was up, then to them the market was up, and all is well. Even if they notice the Nasdaq was down, it doesn’t matter. The Dow is the market.

Secondly, since the Dow consists of only 30 stocks, it’s relatively easy for the program-trading firms to hit say 3 (10% of them) with a buy-program to lift the Dow when desired.

One employee at a program-trading firm boasted a number of years ago, “Tell me in the last half hour where you want the Dow to close and give me a few million to play with, and I could most often close it within 10 points of what you want. I couldn’t move it over a full day or a week, but for half an hour, no problem.”

It’s often very noticeable in the last half hour of the trading day when the market is down some and suddenly spikes up 30 points in the final minutes to close marginally positive. Or when it needs a similar last hour spike on a Friday to close it positive going into a weekend.

It also shows up on those relatively rare occasions when the market experiences a correction or something worse.

I wrote about it my 1999 book Riding the Bear. Back in the early 1900’s, before regulations came into being after the 1929 crash, market manipulation was not illegal. The famed investors of the time, Joseph P. Kennedy, Bernard Baruch, John D. Rockefeller, Carnegie, Walter Chrysler, and many others spoke openly about it, even boasted about using misleading publicity in radio shows and interviews near market tops, and pumping up the prices of some popular stocks to keep investors bullish, while the manipulators unloaded tons of stocks in the rest of the market, getting out slowly before public investors caught on and began selling and driving prices down on them.

We can know that similar activity is not possible now, with the tight rules and regulations under which Wall Street and the big players have to operate.

But isn’t it interesting what shows up in even a minor ‘pullback’, in the way of corrections sneaking up on markets.  

Wall Street’s assurances when this pullback began was that it would only be another of the many 3% pullbacks, perhaps 4%, the market has experienced since 2012.

And so it has been so far, for the Dow. From their peaks the declines look like this:

DJIA: – 4.3%

S&P 500: –5.2%

NYSE Composite:  -7.0%

Nasdaq: 7.0%

DJ Transportation Avg:  -9.0%

Russell 2000: –12.8%

It explains why in market corrections investors who are not concerned about the market because the Dow is looking resilient, are often surprised when they get their monthly brokerage or mutual fund statements. While the Dow, or even the S&P 500, are looked on as representing the market for them, the most popular investment areas for investors are not the 30 Dow stocks but the small stocks of the Russell 2000 and the more exciting and promising stocks of the Nasdaq.

It’s been similar how, until recently, U.S. investors were not concerned about the plunges in global markets. After all, the U.S. market was doing well. Just look at the Dow, until this week, down only 2% or so.

It would seem that it’s already been shown that this is not just another 3% pullback.

Speaking of global markets.

No commentary needed. Many with the largest economies are back to, or below, their levels of last October.

And never mind short-term 50-day moving averages, below long-term 200-day m.a.’s.

101114a

101114b

101114c

101114d

But are they oversold enough to produce at least an impressive oversold rally on the first piece of good news they hear?

To read my weekend newspaper column click here:  Can the Fed Come to the Rescue Again if Needed

Subscribers to Street Smart Report:

In addition to the charts and signals in the ‘premium content’ area of this blog, the new issue of the newsletter from Wednesday is in your secure area of the Street Smart Report website.

Non-Subscribers:

Check out our new bull market/bear market indicator (BBMI) by clicking here: Market Timing Strategy !

U.S. market yesterday.

Another triple-digit decline by the Dow. Much worse declines by the rest of market, most notably the Nasdaq. And volume was very heavy, more than 0.9 billion shares traded on the NYSE. No attempt to close the market positive going into the weekend. They just let it go, closing on its low. Mmmmh.

The Dow closed down 115 points, or 0.7%. The S&P 500 closed down 1.2%. The NYSE Composite closed down 1.1%. The Nasdaq closed down 2.3%. The Nasdaq 100 closed down 2.5%. The Russell 2000 closed down 1.4%. The DJ Transportation Avg. closed down 2.0%. The DJ Utilities Avg closed up 0.7%.

Gold closed down $2 an ounce at $1,223 an ounce.

The U.S. dollar etf UUP closed up 0.5%.

Bonds (TLT) closed up 1.0%.

Asian markets also plunged in their last session of the week.

The Asia Dow closed down 1.6%.

Australia closed down 2.0%. China closed down 0.6%. Hong Kong closed down 1.9%. India closed down 1.3%. Indonesia closed down 0.6%. Japan closed down 1.3%. Malaysia closed down 0.9%. New Zealand closed down 0.8%. Singapore closed down 1.0%. South Korea closed down 1.2%. Taiwan closed up 0.1%. Thailand closed down 0.5%.

European markets plunged again yesterday.

The Europe Dow closed down 2.5%.

The London FTSE closed down 1.4%. The German DAX closed down 2.4%. France’s CAC closed down 1.6%. Belgium closed down 1.6%. Denmark closed down 2.0%. Finland closed down 1.6%. Greece closed down 2.0%. Ireland closed down 1.6%. Italy closed down 0.9%. Netherlands closed down 1.7%. Norway closed down 1.8%. Portugal closed down 1.1%. Spain closed down 1.2%. Switzerland closed down 1.3%.

Global markets for the week. 

It’s been a while since we’ve seen three straight down weeks, as well as such large declines, and for a change, for U.S. markets to be down as much as markets elsewhere.

THIS WEEK (Oct. 10)
DJIA 16544 -2.7%
S&P 500 1,906 -3.1%
NYSE 10293 -3.2%
NASDAQ 4276 -4.5%
NASD 100 3870 -3.9%
Russ 2000 1053 -4.6%
DJTransprts 7893 -6.9%
DJ Utilities 552 +1.1%
XOI Oils 1,438 -4.8%
Gold bull. 1,223 +2.7%
GoldStcks 77.26 -1.5%
Canada 14227 -3.8%
London 6339 -2.9%
Germany 8788 -4.4%
France 4073 -4.9%
Hong Kong 23,088 +0.1%
Japan 15,300 -2.6%
Australia 5185 -2.4%
S. Korea 1940 -1.8%
India 26297 -1.0%
Indonesia 4962 +0.3%
Brazil 55353 +1.9%
Mexico 43435 -2.8%
China 2485 +0.4%
LAST WEEK (Oct. 3)
DJIA 17,009 -0.6%
S&P 500 1,967 -0.8%
NYSE 10635 -1.5%
NASDAQ 4475 -0.8%
NASD 100 4027 -0.6%
Russ 2000 1104 -1.3%
DJTransprts 8481 -0.1%
DJ Utilities 555 +1.4%
XOI Oils 1,511 -4.6%
Gold bull. 1,191 -2.1%
GoldStcks 78.42 -6.6%
Canada 14789 -1.6%
London 6527 -1.8%
Germany 9195 -3.1%
France 4281 -2.6%
Hong Kong 23,064 -2.6%
Japan 15,708 -3.2%
Australia 5315 -0.1%
S. Korea 1976 -2.7%
India 26567 -0.2%
Indonesia 4949 -3.6%
Brazil 54297 -5.1%
Mexico 44689 -0.4%
China 2474 +0.7%
PREVIOUS WEEK (Sept. 26)
DJIA 17,113 -1.0%
S&P 500 1,982 -1.4%
NYSE 10798 -1.7%
NASDAQ 4512 -1.5%
NASD 100 4053 -1.2%
Russ 2000 1119 -2.4%
DJTransprts 8484 -1.7%
DJ Utilities 548 -1.6%
XOI Oils 1,583 -2.2%
Gold bull. 1,217 +0.1%
GoldStcks 83.92 -3.5%
Canada 15026 -1.6%
London 6649 -2.8%
Germany 9490 -3.2%
France 4394 -1.5%
Hong Kong 23,678 -2.6%
Japan 16229 -0.6%
Australia 5316 -2.2%
S. Korea 2031 -1.1%
India 26626 -1.7%
Indonesia 5132 -1.8%
Brazil 57201 -1.0%
Mexico 44884 -1.9%
China 2457 +0.8%

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Next week’s Economic Reports:

Monday is a U.S. holiday, Columbus Day. Banks and bond market will be closed but stock and futures markets will be open.

Next week will be a fairly busy week for U.S. economic reports, including Retail Sales, Producer Price Index, Industrial Production, Housing Starts, etc. To see the full list and times click here, and look at the left side of the page it takes you to.

To read my weekend newspaper column click here:  Can the Fed Come to the Rescue Again if Needed

Subscribers to Street Smart Report:

In addition to the charts and signals in the ‘premium content’ area of this blog, the new issue of the newsletter from Wednesday is in your secure area of the Street Smart Report website.

I’ll be back with the next blog post Tuesday morning at 9:25 a.m.

Non-Subscribers:

SUBSCRIBE NOW! To get all of this:

(The equivalent of four or five normal newsletters at the cost of one)

  • Access to Premium Content area of this Blog, Tuesday, Thursday, and Saturday a.m.
  • A 6-page Mid-Week Markets Report every week.
  • A 4 to 6 page Gold, Bonds, U.S. Dollar Report every three weeks.
  • A 4 to 6 page Global Market Report every three weeks.
  • The 8-page Street Smart Report newsletter every 3 weeks.
  • Hotline Updates whenever signals or recommendations change.
  • Two specific portfolios (Seasonal Timing & Technical Analysis Timing)
  • Sy’s weekly column on markets and the economy every Friday.

Market, sector, stock, gold, bond, and dollar buy and sell signals, short-sales, long-side and ‘inverse’ etf’s, mutual funds. Highly regarded and in our 26th year. As a bonus for a one-year subscription you will also receive my latest book Beat the Market the Easy Way- Proven Seasonal Strategies That Double the Market’s Performance. Click here for subscription information.

This blog appears every Tuesday, Thursday, and Saturday morning and at occasional times in between! Follow it via the RSS feed or follow it in Twitter (the ‘handle’ is @streetsmartpost) so you won’t miss any posts.

**** End of Today’s post*****

The FOMC minutes were not a game-changer either way.

Thursday, October 9, 9:25 a.m.

The market surged up yesterday, the Dow closing up 274 points, in reaction to the Fed’s release of the minutes of its mid-September FOMC meeting.

But were the minutes of any importance to the outlook of either bulls or bears?

At best, they changed nothing, confirming that the Fed will make its decision on when to begin raising rates based on the economy, not on any specific date target, or vague term like “for a considerable time”.

At worst, they revealed a Fed that is more uncertain and worried about the economy, the dollar, foreign markets, and the fragility of the stock market, than their official statement after that last FOMC meeting showed.

Their discussions revealed in the minutes indicated they are more concerned about weak economies overseas, and that disappointing growth in Europe, Japan, and China could negatively impact U.S. exports.

And additional dismal reports from overseas have come in since that last FOMC meeting.

The minutes also indicated they were worried about the strengthening dollar, that by reducing the cost of imported goods and services the strong dollar will keep inflation weak and not meeting the Fed’s target rate of 2%.

And the dollar has spiked up higher since that mid-September meeting.

 100814a

The minutes seemed to reveal that they wanted to remove the promise from their statement that they would keep interest rates low “for a considerable time’, but didn’t dare to for fear of spooking the market. That they left it in, which was taken as a positive by the market after that mid-September meeting, was apparently to mislead the market?

And the market took the release of those minutes as a big positive, worthy of a 274 point spike-up by the Dow?

I don’t think so.

What really caused the big market rally day? 

I bet the market would have rallied yesterday no matter what, no matter what reports might have come out, what events might have taken place, no matter what the Fed’s minutes revealed.

Because as we told our subscribers, it was short-term oversold again. Because the S&P 500 was down 3.8% and the NYSE Composite down 5.5%, and if Wall Street was going to be successful in convincing investors it would only be another 3% to 5% pullback and buying opportunity, they had to get in their and make a stand with substantial buying to squeeze the shorts.

Meanwhile, the big plunge of 272 points on Tuesday and bounce-back of 274 points yesterday has the market back exactly where it was Monday.

100914g

 

100914d

To read my weekend newspaper column, click here:   Look Out Below for Gold

Subscribers to Street Smart Report:

In addition to the charts and signals in the ‘premium content’ area of this blog, there is a hotline from last evening and the new issue of the newsletter from yesterday afternoon in your secure area of the Street Smart Report website.

Yesterday in the U.S. Market. 

Another volatile day, this time to the upside. The Dow was down 50 points, then up 50 points, then spiked up after the FOMC minutes to close up 274 points (exactly reversing the previous day’s decline of 272 points). Volume jumped to 0.9 billion shares traded on the NYSE.

The Dow closed up 274 points, or 1.6%. The S&P 500 closed up 1.7%. The NYSE Composite closed up 1.5%. The Nasdaq closed up 1.9%. The Nasdaq 100 closed up 2.1%. The Russell 2000 closed up 1.9%. The DJ Transportation Avg. closed up 0.9%. The DJ Utilities Avg closed up 2.3%.

Gold closed up $8 an ounce at $1,220 an ounce, on a pullback by the U.S. dollar.

The U.S. dollar etf UUP closed down 0.4%.

Bonds (TLT) closed up 0.1%.

But European Markets closed down sharply again yesterday.

The Europe Dow closed down 0.5%.

The London FTSE closed down 0.2%. The German DAX down 1.0%. France’s CAC closed down 1.0%. Belgium closed down 0.7%. Denmark closed down 2.1%. Finland closed down 1.3%. Greece closed down 0.4%.  Ireland closed down 1.5%. Italy closed down 0.6%. Netherlands closed down 0.8%. Norway closed down 0.5%. Portugal closed down 2.0%. Spain closed down 0.9%. Switzerland closed down 0.5%.

Asian Markets followed the U.S. market higher last night.

The Asia Dow closed up 1.1%.

Australia closed up 1.0%. China closed up 0.3%. Hong Kong closed up 1.1%. India closed up 1.5%. Indonesia closed up 0.7%. Japan closed down 0.8%. Malaysia closed up 0.4%. New Zealand closed up 0.4%. Singapore closed up 1.0%. Taiwan closed up 0.1%. Thailand closed up 1.1%.

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NOTE: To gain access call our subscription office at 1-386-943-4081 (week-days only). If you can afford two cups of coffee a week you can afford the cost of 25.95 a month ($6.50 a week). For that you also receive the full Street Smart Report advisory service (newsletter, hotlines, in depth mid-week reports on stocks, gold ,bonds, etc.). Or to subscribe online click here:https://streetsmart.securesites.net/order.html


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Markets This Morning:

European markets are mixed this morning.

The London FTSE is down 0.3%. The German DAX is up 0.3%. France’s CAC is down 0.3%. Belgium is up 0.1%. Denmark is up 0.3%. Finland is up 0.5%. Greece is up 1.0%. Ireland is down 0.2%. Italy is down 0.6%. Netherlands is up 0.1%. Norway is down 0.4%. Portugal is down 0.9%. Spain is down 0.4%. Switzerland is up 0.1%.

This Morning in the U.S. Market:

Oil is down $.72 a barrel, at $86.59

Gold is up $8 an ounce at $1,228 an ounce.

This week’s Economic Reports:

This week is a very quiet week for U.S. economic reports, not much except the minutes of the Fed’s last FOMC meeting, and weekly unemployment claims. To see the full list and times click here, and look at the left side of the page it takes you to.

There were no reports Monday.

Tuesday’s only report was the JOLTS report (The Labor Department’s Job Openings and Labor Turnover Survey), which showed an increase of available jobs from 4.61 million in July, to 4.84 million in August, another positive report for the jobs picture.

Yesterday’s only report was the Fed’s release of the minutes of its last FOMC meeting. The stock market, already positive, spiked significantly higher after the release.

This morning’s only report is that new weekly unemployment claims were unchanged last week at 287,000. The four-week m.a. declined by 7,250 to 287,750.

The pre-open indicators have been somewhat negative but worsening some.

Our Pre-open Indicators:

Our pre-open indicators are now pointing to the Dow being down 60 points or so in the early going.

I’ll be back with the next post on Saturday morning, as usual later than on the weekdays, probably around 12 noon.

To read my weekend newspaper column click here:   Look Out Below for Gold

Subscribers to Street Smart Report:

In addition to the charts and signals in the ‘premium content’ area of this blog, there is a hotline from last evening and the new issue of the newsletter from yesterday afternoon in your secure area of the Street Smart Report website.

Non-Subscribers:

If you haven’t done so yet, check out our new bull market/bear market indicator (BBMI) by clicking here: Market Timing Strategy

SUBSCRIBE NOW! To get all of this:

(The equivalent of four or five normal newsletters at the cost of one)

  • Access to Premium Content area of this Blog, Tuesday, Thursday, and Saturday a.m.
  • A 6-page Mid-Week Markets Report every week.
  • A 4 to 6 page Gold, Bonds, U.S. Dollar Report every three weeks.
  • A 4 to 6 page Global Market Report every three weeks.
  • The 8-page Street Smart Report newsletter every 3 weeks.
  • Hotline Updates whenever signals or recommendations change.
  • Two specific portfolios (Seasonal Timing & Technical Analysis Timing)
  • Sy’s weekly column on markets and the economy every Friday.

Market, sector, stock, gold, bond, and dollar buy and sell signals, short-sales, long-side and ‘inverse’ etf’s, mutual funds. Highly regarded and in our 26th year. As a bonus for a one-year subscription you will also receive my latest book Beat the Market the Easy Way- Proven Seasonal Strategies That Double the Market’s Performance. Click here for subscription information.

This blog appears every Tuesday, Thursday, and Saturday morning!

 **** End of Today’s post*****

European economies and markets cannot catch a break.

Tuesday, October 6, 9:25 a.m.

The economic news out of Europe continues to be dismal.

Germany’s economy, the largest in Europe, is not bouncing back as expected in the third quarter from its dismal showing in the first half of the year.

The 4% plunge in its industrial output in August was much worse than the consensus forecast of a 1.5% decline, and its sharpest drop since early 2009. It follows a number of dismal reports: a 5.7% decline in factory orders in August, falling demand for Germany’s exports, and a sharp drop in business confidence indices.

That does not bode well for the 18-nation euro-zone, where the unemployment rate remains in double-digits, 11.5% in August for the third straight month.

The J.P. Morgan global manufacturing index declined to a four-month low in September, the rate of expansion the weakest since April. J.P. Morgan said, "Growth was near-stagnant in the eurozone and Asia. The global index is being propped by growth in the United States.

And Europe’s stock markets reflect the problem, their markets not only broken under short-term support levels, but under the long-term 200-day m.a.

100714f

 

Other Voices. 

The International Monetary Fund: “There are concerns that markets are underpricing risk, not fully internalizing the uncertainties surrounding the macroeconomic outlook and their implications for the pace of withdrawal of monetary stimulus in some major advanced economies.”

To read my weekend newspaper column, click here:   Look Out Below for Gold

Subscribers to Street Smart Report:

In addition to the charts and signals in the ‘premium content’ area of this blog, the new issue of the newsletter will be out tomorrow in your secure area of the Street Smart Report website.

Yesterday in the U.S. Market. 

Another volatile day. The Dow was up 90 points in the first half hour, then sold off the rest of the day, down 80 points by early afternoon, then rallied back to close down 17 points, or 0.1%. Most of the rest of the market closed more negative than the Dow, particularly the DJ Transportation Avg. and Russell 2000. Volume was average, just short of 0.7 billion shares traded on the NYSE.

The Dow closed down 17 points, or 0.1%. The S&P 500 closed down 0.2%. The NYSE Composite closed up 0.1%. The Nasdaq closed down 0.5%. The Nasdaq 100 closed down 0.3%. The Russell 2000 closed down 0.9%. The DJ Transportation Avg. closed down 1.2%. The DJ Utilities Avg closed down 0.1%.

Gold closed up $14 an ounce at $1,207 an ounce on a sharp pullback by the U.S. dollar.

The U.S. dollar etf UUP closed down 1.1%.

Bonds (TLT) closed up 0.1%.

European Markets closed mixed and well off early highs.

The London FTSE closed up 0.6%. The German DAX up 1.2% early on, pulled back to close up only 0.1%. France’s CAC likewise pulled back to close up only 0.1%. Belgium closed up 0.1%. Denmark closed down 0.7%. Finland closed up 1.0%. Greece closed down 1.4%.  Ireland closed up 0.6%. Italy closed down 0.4%. Netherlands closed up 0.3%. Norway closed down 0.2%. Portugal closed down 0.3%. Spain closed up 0.7%. Switzerland closed up 0.5%.

Asian Markets mostly closed down last night.

China’s markets remained closed for the Golden Week holidays. They reopen tonight. Among markets that were open:

Australia closed down 0.2%. Hong Kong closed up 0.5%. India closed down 1.1%. Indonesia closed up 0.7%. Japan closed down 0.6%. Malaysia closed down 0.6%. New Zealand closed down 0.1%. South Korea closed up 0.2%. Singapore closed down 0.3%. Taiwan closed down 0.6%. Thailand closed down 0.2%.

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Markets This Morning:

European markets are down sharply this morning.

The London FTSE is down 0.6%. The German DAX is down 0.8%. France’s CAC is down 1.1%. Belgium is down 0.9%. Denmark is down 1.7%. Finland is down 1.3%. Greece is down 1.6%. Ireland is down 1.6%. Italy is down 1.1%. Netherlands is down 0.9%. Norway is down 1.7%. Portugal is down 0.5%. Spain is down 1.6%. Switzerland is down 1.5.

This Morning in the U.S. Market:

Oil is down $.55 a barrel, at $89.79

Gold is up $3 an ounce at $1,210 an ounce.

This week’s Economic Reports:

This week is a very quiet week for U.S. economic reports, not much except the minutes of the Fed’s last FOMC meeting, and weekly unemployment claims. To see the full list and times click here, and look at the left side of the page it takes you to.

There were no reports yesterday.

This morning’s only report will be the JOLTS report (The Labor Department’s Job Openings and Labor Turnover Survey), which will be released at 10 a.m.).

The pre-open indicators have been negative all night and worsening this morning.

Our Pre-open Indicators:

Our pre-open indicators are pointing to the Dow being down 80 points or so in the early going.

I’ll be back with the next post on Thursday morning at 9:25 a.m.

To read my weekend newspaper column click here:   Look Out Below for Gold

Subscribers to Street Smart Report:

In addition to the charts and signals in the ‘premium content’ area of this blog, the new issue of the newsletter will be out tomorrow in your secure area of the Street Smart Report website.

Non-Subscribers:

If you haven’t done so yet, check out our new bull market/bear market indicator (BBMI) by clicking here: Market Timing Strategy

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 **** End of Today’s post*****

Will Surging Dollar Become a Negative?

Saturday, October 4, 12 noon.

The U.S. dollar is the currency of international trade and the pricing of commodities. Therefore, a fluctuation in its value relative to other currencies has a significant effect (on all nations).

A rising dollar poses potential problems for the U.S. economy and corporate earnings because a stronger dollar makes U.S. exports more expensive in other countries, and makes imports from other countries less expensive, unfavorable to U.S. countries.

A strong dollar also lowers the prices of commodities, and the U.S. is the largest global exporter of agricultural commodities.

A strong dollar is also detrimental for U.S. corporations with international operations. Profits earned in other countries are discounted when they are converted back to U.S. dollars.

And the dollar has certainly been surging higher since July.

100414k

Just something else to think about at some point down the road.

You gotta love the banks.

The examples never end.

J.P. Morgan Chase experienced a security breach this summer in which it says an estimated 76 million households and 7 million small businesses were affected, compromising their names, addresses, phone numbers, email addresses, and “internal JP Morgan Chase information related to them”

The firm says it does not intend to notify the customers who have been affected, estimated at two-thirds of U.S. households. Market Watch reports that when asked why, a bank spokesman said, “That’s just what we’re doing.”

Steven Halpern interview.

Steven Halpern interviewed me on an interesting subject for MoneyShow.com last week, which which is still on its website. To hear the interview, click here:

http://moneyshow.com/articles.asp?aid=DailyGuru-41074

To read my weekend newspaper column click here:  Look Out Below for Gold

Subscribers to Street Smart Report:

In addition to the charts and signals in the ‘premium content’ area of this blog, the next issue of the newsletter will be out on Wednesday in your secure area of the Street Smart Report website.

Non-Subscribers:

Check out our new bull market/bear market indicator (BBMI) by clicking here: Market Timing Strategy !

U.S. market yesterday.

Just like last Friday, a big rally from the open. Last Friday the Dow closed up 167 points going into the weekend, but was down 1% for the week. This week it closed up 208 points going into the weekend. Volume was 0.8 billion shares trade on the NYSE.

The Dow closed up 208 points, or 1.2%. The S&P 500 closed up 1.1% at 1,967. The NYSE Composite closed up 0.8%. The Nasdaq closed up 1.0%. The Nasdaq 100 closed up 1.0%. The Russell 2000 closed up 0.8%. The DJ Transportation Avg. closed up 2.1%. The DJ Utilities Avg closed up 0.5%.

Gold closed down $22 an ounce at $1,191 an ounce.

The U.S. dollar etf UUP closed up 1.3%.

Bonds (TLT) closed up 0.4%.

Asian markets were mixed after previous session’s brutal declines.

The Asia Dow closed up 0.1%. Markets in China and Korea were closed for holidays. Among those that were open:

Australia closed up 0.3%. Hong Kong closed up 0.6%. India closed down 0.2%. Indonesia closed down 1.0%. Japan closed up 0.3%. Malaysia closed up 0.8%. New Zealand closed down 0.2%. Singapore closed up 0.8%. Taiwan closed up 1.5%. Thailand closed up 0.1%.

European markets closed up yesterday for a change.

The Europe Dow closed down 0.4%. The German market was closed for a holiday.

The London FTSE closed up 1.3%. France’s CAC closed up 0.9%. Belgium closed up 1.2%. Denmark closed up 1.1%. Finland closed up 1.0%. Greece closed down 0.8%. Ireland closed up 1.3%. Italy closed up 1.5%. Netherlands closed up 1.2%. Norway closed down 0.3%. Portugal closed up 1.0%. Spain closed up 1.4%. Switzerland closed up 0.3%.

Global markets for the week. 

A negative week pretty much everywhere. Global declines once again more than in the U.S.

THIS WEEK (Oct. 3)
DJIA 17,009 -0.6%
S&P 500 1,967 -0.8%
NYSE 10635 -1.5%
NASDAQ 4475 -0.8%
NASD 100 4027 -0.6%
Russ 2000 1104 -1.3%
DJTransprts 8481 -0.1%
DJ Utilities 555 +1.4%
XOI Oils 1,511 -4.6%
Gold bull. 1,191 -2.1%
GoldStcks 78.42 -6.6%
Canada 14789 -1.6%
London 6527 -1.8%
Germany 9195 -3.1%
France 4281 -2.6%
Hong Kong 23,064 -2.6%
Japan 15,708 -3.2%
Australia 5315 -0.1%
S. Korea 1976 -2.7%
India 26567 -0.2%
Indonesia 4949 -3.6%
Brazil 54297 -5.1%
Mexico 44689 -0.4%
China 2474 +0.7%
LAST WEEK (Sept. 26)
DJIA 17,113 -1.0%
S&P 500 1,982 -1.4%
NYSE 10798 -1.7%
NASDAQ 4512 -1.5%
NASD 100 4053 -1.2%
Russ 2000 1119 -2.4%
DJTransprts 8484 -1.7%
DJ Utilities 548 -1.6%
XOI Oils 1,583 -2.2%
Gold bull. 1,217 +0.1%
GoldStcks 83.92 -3.5%
Canada 15026 -1.6%
London 6649 -2.8%
Germany 9490 -3.2%
France 4394 -1.5%
Hong Kong 23,678 -2.6%
Japan 16229 -0.6%
Australia 5316 -2.2%
S. Korea 2031 -1.1%
India 26626 -1.7%
Indonesia 5132 -1.8%
Brazil 57201 -1.0%
Mexico 44884 -1.9%
China 2457 +0.8%
PREVIOUS WEEK (Sept. 19)
DJIA 17,279 +1.7%
S&P 500 2,010 +1.3%
NYSE 10989 +0.7%
NASDAQ 4579 +0.3%
NASD 100 4100 +0.8%
Russ 2000 1146 -1.2%
DJTransprts 8633 +1.0%
DJ Utilities 557 +1.3%
XOI Oils 1,618 +1.0%
Gold bull. 1,216 -1.1%
GoldStcks 86.93 -5.2%
Canada 15265 -1.7%
London 6837 +0.5%
Germany 9799 +1.5%
France 4461 +0.5%
Hong Kong 24306 -1.2%
Japan 16321 +2.3%
Australia 5437 -1.7%
S. Korea 2053 +0.6%
India 27090 +0.1%
Indonesia 5227 +1.6%
Brazil 57788 +1.4%
Mexico 45761 -0.1%
China 2438 -0.1%

Premium Content Area.

For Street Smart Report subscribers only, used to provide additional info to that provided in the newsletter, mid-week reports, and hotlines.

NOTE: To gain access subscribe online click here: https://streetsmart.securesites.net/order.html or call our subscription office at 1-386-943-4081 (week-days only). If you can afford two cups of coffee a week you can afford the cost of 25.95 a month ($6.50 a week). For that you also receive the full Street Smart Report advisory service (newsletter, hotlines, in depth mid-week reports on stocks, gold ,bonds, etc.).

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Next week’s Economic Reports:

Next week will be a very quiet week for U.S. economic reports, not much except the minutes of the Fed’s last FOMC meeting, and weekly unemployment claims. To see the full list and times click here, and look at the left side of the page it takes you to.

To read my weekend newspaper column click here:  Look Out Below for Gold

Subscribers to Street Smart Report:

In addition to the charts and signals in the ‘premium content’ area of this blog, the next issue of the newsletter will be out on Wednesday in your secure area of the Street Smart Report website.

I’ll be back with the next blog post Tuesday morning at 9:25 a.m.

Non-Subscribers:

SUBSCRIBE NOW! To get all of this:

(The equivalent of four or five normal newsletters at the cost of one)

  • Access to Premium Content area of this Blog, Tuesday, Thursday, and Saturday a.m.
  • A 6-page Mid-Week Markets Report every week.
  • A 4 to 6 page Gold, Bonds, U.S. Dollar Report every three weeks.
  • A 4 to 6 page Global Market Report every three weeks.
  • The 8-page Street Smart Report newsletter every 3 weeks.
  • Hotline Updates whenever signals or recommendations change.
  • Two specific portfolios (Seasonal Timing & Technical Analysis Timing)
  • Sy’s weekly column on markets and the economy every Friday.

Market, sector, stock, gold, bond, and dollar buy and sell signals, short-sales, long-side and ‘inverse’ etf’s, mutual funds. Highly regarded and in our 26th year. As a bonus for a one-year subscription you will also receive my latest book Beat the Market the Easy Way- Proven Seasonal Strategies That Double the Market’s Performance. Click here for subscription information.

This blog appears every Tuesday, Thursday, and Saturday morning and at occasional times in between! Follow it via the RSS feed or follow it in Twitter (the ‘handle’ is @streetsmartpost) so you won’t miss any posts.

**** End of Today’s post*****

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