RETAIL SALES (Reuters)
“U.S. retail sales unexpectedly rebounded in August as Americans ramped up purchases of motor vehicles and dined out more amid lower gasoline prices, but demand for goods is cooling as the Federal Reserve aggressively raises interest rates...Retail sales increased 0.3% last month.” Story at...
https://www.reuters.com/markets/us/us-retail-sales-increase-august-weekly-jobless-claims-fall-2022-09-15/
“The number of first-time claims for unemployment benefits fell again last week, setting a new three-month low and showing that employers are still reluctant to let go of workers despite some economic slowing.
Initial claims for unemployment insurance were 213,000 for the week ended September 10, down 5,000 from a downwardly revised total of 218,000 claims from the prior week...” Story at...
https://www.cnn.com/2022/09/15/economy/jobless-claims-september-10/index.html
“Business activity held steady in New York State, according to firms responding to the September 2022 Empire State Manufacturing Survey. The headline general business conditions index climbed thirty points to -1.5... Looking ahead, firms were not very optimistic that business conditions would improve over the next six months.” Report at...
https://www.newyorkfed.org/survey/empire/empiresurvey_overview
“Manufacturing activity in the region declined overall in September, according to the firms responding to this month’s Manufacturing Business Outlook Survey. The indicator for current activity returned to negative territory, the new orders index remained negative, and the shipments index also declined but remained positive. The firms reported continued increases in employment. The price indexes continue to indicate increases in prices overall. Expectations for growth over the next six months were subdued, as the future general activity index improved but remained negative.” Report at...
https://www.philadelphiafed.org/surveys-and-data/regional-economic-analysis/mbos-2022-09
“A drop in electric power generation and a modest uptick in manufacturing led to a small decline in overall US industrial production in August, the Federal Reserve said Thursday. Total output slipped 0.2 percent...” Story at...
https://economictimes.indiatimes.com/news/international/business/us-industrial-output-dips-in-august-on-drop-in-electricity-output/articleshow/94228349.cms
“Friday is a huge options expiration day which could lead to increased volatility today and tomorrow. While we suspect this market may have another rally attempt as we head into year-end, we are becoming more convinced that any such rally should be sold and cash levels increased heading into 2023. However, much can happen between now and then, so we remain focused on short-term technical drivers to manage our current exposures.
https://realinvestmentadvice.com/insights/daily-market-commentary/
-Thursday the S&P 500 fell about 1.1% to 3901.
-VIX rose about 0.4% to 26.27.
-The yield on the 10-year Treasury rose to 3.455%.
-Drop from Top: 18.7% as of today. 23.6% max.
-Trading Days since Top: 176-days.
The S&P 500 is 8.5% Below its 200-dMA & 3.5% Below its 50-dMA.
Support looks like the prior low, 3667.
SH, short the S&P 500 ETF.
SDS, 2x short S&P 500 ETF.
I have built these positions to significantly large values, although I am still not net short.
Thursday the S&P 500 broke its lower trend line, but the S&P 500 remained above the 3900 level that has been holding so far. I don’t expect it to hold for much longer.
TODAY’S RANKING OF 15 ETFs (Ranked Daily)
http://navigatethestockmarket.blogspot.com/p/exchange-traded-funds-etf-ranking.html
Here’s the revised DOW 30 and its momentum analysis. The top ranked stock receives 100%. The rest are then ranked based on their momentum relative to the leading stock.
https://navigatethestockmarket.blogspot.com/p/a-system-for-trading-dow-30-stocks-my_8.html
