“The six-day rally in the S&P 500 suggests a ‘topping process’ for stocks is in the making, Brian Kelly of Brian Kelly Capital said Tuesday. ‘I don't know if this is the absolute top, but this is what you see when you start to see markets start to get disconnected from their fundamentals,’ he said.” Full story at…
0.54, 0.54, 0.52, 0.5, 0.45, 0.48.
These are extremes in bullish sentiment, never mind the polls. Big upside bets are being put on by the smaller speculative crowd. Add NYSE margin debt exceeding what we saw in 2000…and the potential cycle mentioned above, and the recipe for a strong bearish event is present.” Full opinion and analysis from Minyanville at … http://www.minyanville.com/mvpremium/2013/09/11/1987-and-now/#ixzz2ebF3Won7
US WHOLESALE INVENTORIES MISS ESTIMATES (Reuters)
U.S. wholesale inventories rose less than expected in July, suggesting restocking will probably not contribute much to economic growth in the third quarter. The Commerce Department said on Wednesday wholesale inventories edged up 0.1 percent after falling 0.2 percent in June…It was the largest decline since August last year and partially offset gains in automobile, petroleum, furniture, machinery, electrical and apparel stocks…Sales at wholesalers nudged up 0.1 percent after rising 0.4 percent in June. Economists had expected sales to rise 0.4 percent in July.” Full story at…
Wednesday, the S&P finished up 0.3% to 1689 (rounded) at the close.