Courtney gibsons what did you make of the feds comments and reaction right afterwards . She said what she had to say. End of the day you have to give a little bit of value. She has seen amazing data. I think they want consistent data thats positive. Right . Its been somewhat up and down, trending in the right direction. But she does have to say be consistent around that team. Does your expectation for a fed rate hike change today . No. Expecting what . To hike this year. Ive said that the past year and definitely in december. September happens, i think it surprises folks. Same old same old for janet yellen . Answer two different questions. One you havent asked. I think she should raise. Will she . No, i dont think so. It doesnt matter what you think. I wanted to put it out there. Its a lovely friday in the suburbs. Thank you. One thing that could wiggle this one way or the other, the jobs report next week. I do think that that could tilt things, if you have a particularly strong report
I am Francine Lacqua. Manus it comes in just below the number. 53. 7. The Market Survey was for 54 . This is the market Eurozone Services purchasing Managers Index. That is just a shade lower than we had anticipated. Was about 50 . It is still in expansion mode. It is the industrial prowess of germany we are looking for. It has been called into question after we had the vw scandal. We had concerns about china growing. That is why every single piece of data we had is so powerful. Now, glencore shares have sore this morning. We have reports that the commodities giant is talking to potential buyers. Rocked in hong kong and is up over 10 . The company says it is not aware for any reasons for the movement and chairs. The bloomberg chief energy and commodities responder. Up 70 at one stage. Glencore does not know of any reason why this would ramp u p like this. If you look to us 10 days of the Share Performance of glencore, lets not forget we are talking about a 5100 company. They rarely mov
Trap. A soccers suckers game. Dow gaining and s p growing and nasdaq growing 2. 3 . We didnt see a lot of buying today. We saw an absence of selling. A pause in selling can take us higher but not so high it is worth plupging in with both feet. Thats because we are in a bear market. It is like a fever. It does run its course. This is my ninth bear market in 35 years of investoring. And [ inaudible ] was right when he said that all happy bull markets are the same but all are each unhappy in their own way. Still love it. So applicable. Most of the bear markets had to do with overvaluation coupled with shocks to the system that created a tore of stocks for sale. This is similar to those to a degree. The market did get expensive but because Interest Rates were low, valuation was not weightless. Not in this country, but overseas, it is running high and spilling over on to our financial stores before and before and before. And that is why im adam mant is the 2011 bear market where the s p 500
That was easy. At one point today when the indices broke down, i heard a collective sigh. And i was pretty shocked that i didnt get hit by a white flag of surrender after i walked down wall street after the show. But the facts refused to align with negative story. I think today was one of those times. As we saw a terrific rebound in the averages, after a second bout of hideous selling this morning. The dow closing up two points. The nasdaq declining 2. 4 . First, lets deal with the negativity. Its coming from four different directions. Sell sell sell sell. Sell sell sell sell. Worry number one, chinas falling apart. No matter that its been falling apart for ages or the chinese stock market is not creating wealth, many cant handle the stress of waiting for the other chinese shoe to drop after mondays break down. Suffice it to say theres big trouble in big china. Negative number two, the fed has gone from friend to foe. Theres a narrative out there right now, now that we have started to
But the facts refused to align with negative story. I think today was one of those times. As we saw a terrific rebound in the averages, after a second bout of hideous selling this morning. The dow closing up two points. The nasdaq declining 2. 4 . First, lets deal with the negativity. Its coming from four different directions. Sell sell sell sell. Sell sell sell sell. Worry number one, chinas falling apart. No matter that its been falling apart for ages or the chinese stock market is not creating wealth, many cant handle the stress of waiting for the other chinese shoe to drop after mondays break down. Suffice it to say theres big trouble in big china. Negative number two, the fed has gone from friend to foe. Right now, now that we have started to raise rates theres no return to the practical policy of data dependence. This thesis says that were on autopilot mode like the prebernanke fed. Well get a shortfall in earnings. Third fear were in the high peaks region of the economic cycle.