"This makes the jobs report on Friday very important," Alec Young, Managing Director of Global Markets Research for FTSE Russell, told me.The outsized reaction was partly the sheer size of the miss: It was not just a big miss , it moved the index into contractionary territory , and it was the lowest reading in 10 years.
The other reason for the outsized reaction: Despite all the turmoil around global trade and a weaker global economy, the S&P is still 3% from historic highs. That means stocks are still expensive, and risks to the downside remain high. Markets have remained near their highs because of rotation: as cyclical sectors like Industrials, Materials, Retailers, and Energy have fallen out of favor, investors have bought defensive Consumer Staples, REITs, and Utilities. That leaves many sectors, particularly defensive sectors like Consumer Staples, overbought.
The result: Markets are in a trading range. The one immediate issue that can get us out of that range--trade negotiations--are expected to restart next week. But expectations for those negotiations remain low. What to watch? Young advises paying attention to the small group of consumer names that have been growing market share and whose prices are up dramatically this year : Nike, McDonald's, Starbucks, Home Depot, Costco, and Ross Stores, all of which are up 20% or more.
You mean donthecon doesn’t know what he’s doing? Shocker!
Maybe because it is quite hard to be optimistic when you go against the wind?...
Or This: 376 laid off as Bayou Steel shuts down in LaPlace Louisiana TrumpTrade via WWLTV
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