“U.S. personal income and spending both rose in line with economist estimates in the month of August, according to a report released by the Commerce Department on Friday. The Commerce Department said personal income edged up by 0.2 percent in August…” Story at…
http://www.nasdaq.com/article/us-personal-income-and-spending-rise-in-line-with-estimates-in-august-20170929-00509
PCE PRICES (Reuters)
“U.S. consumer spending barely rose in August likely as
Hurricane Harvey weighed on auto sales, while annual inflation increased at its
slowest pace in nearly two years, pointing to a moderation in economic growth
in the third quarter.” Story at…
My cmt: No inflation here. Perhaps the Fed WILL change course and slow their rate of rate hikes…or reverse
direction and lower them??!!
CHCAGO PMI (Marketwatch)
“The Chicago purchasing managers index rose to 65.2 in
September from 58.9 in August, on a scale where any reading above 50 indicates
improving conditions. That’s the highest level in three months and close to
June’s reading of 65.7, the highest level since 2011.”http://www.marketwatch.com/story/consumer-sentiment-falls-slightly-in-september-amid-hurricane-concerns-2017-09-15
MARKET REPORT / ANALYSIS
I am busy today so report this will be abbreviated. As of
mid-afternoon, there are few changes from yesterday’s report.
RSI is no longer overbought, but the Bollinger Bands remain
nearly overbought. I think the next big move up, say around 1%, could mark
another short-term top. From there a retreat of some kind, probably in the 3-5%
range, is probable.
I remain bullish longer-term. One wonders when this party
will end so I will worry if the numbers deteriorate, but I remain fully
invested. There isn’t any news now that signals a bear market and long-term
indicators remain neutral.
I’ll catch up on the Friday
closing data later. Enjoy the weekend.
