https://www.howestreet.com/2024/08/were-coming-to-the-most-dangerous-month-for-stocks-mark-leibovit/

Inflation is not caused by the actions of private citizens, but by the government: by an artificial expansion of the money supply required to support deficit spending. No private embezzlers or bank robbers in history have ever plundered people's savings on a scale comparable to the plunder perpetrated by the fiscal policies of statist governments.

~ Ayn Rand


U.S. Stocks Fluctuate Before Closing Sharply Higher

Stocks fluctuated over the course of the trading session on Friday before eventually ending day sharply higher. The Dow closed higher for the fifth time in the past six sessions, reaching a new record closing high.

The major averages reached new highs for the session going into the close of trading. The Nasdaq surged 197.19 points or 1.1 percent to 17,713.62, the S&P 500 jumped 56.44 points or 1.0 percent to 5,648.40 and the Dow climbed 228.03 points or 0.6 percent to 41,563.08.

Meanwhile, the major averages turned in a mixed performance for the week. The Nasdaq slid by 0.9 percent, but the S&P 500 edged up by 0.2 percent and Dow advanced by 0.9 percent.

The higher close on Wall Street came after the Commerce Department released readings on U.S. consumer price inflation that are said to be preferred by the Federal Reserve.

The Commerce Department report showed consumer prices increased in line with economist estimates in the month of July, while the annual rate of price growth was unexpectedly flat.

The report said the personal consumption expenditures (PCE) price index rose by 0.2 percent in July after inching up by 0.1 percent in June. The modest increase matched expectations.

The core PCE price index, which excludes food and energy prices, also crept up by 0.2 percent in July. The uptick matched the increase seen in June as well as economist estimates.

Meanwhile, the report said the annual rates of growth by the PCE price index and the core PCE price index were both unchanged at 2.5 percent and 2.6 percent, respectively.

Economists had expected the year-over-year growth by both the PCE price index and the core PCE price index to tick up by 0.1 percentage point.

While the data has reinforced expectations of an interest rate cut by the Fed next month, traders expressed uncertainty about the pace of rate cuts, leading to some volatility in the markets.

According to CME Group's FedWatch Tool, there is a 69.5 percent chance of a quarter point rate cut next month and a 30.5 percent chance of a half point rate cut.

Some analysts, such as Harris Financial Group managing partner Jamie Cox, have said there is no justification for a 50 basis point rate cut.

However, ING Chief International Economist James Knightley said, "A soft jobs report [next week] could still tip the odds in favour of a 50bp rate cut."

Semiconductor stocks showed a substantial move to the upside on the day, resulting in a 2.6 percent surge by the Philadelphia Semiconductor Index.

Intel (INTC) helped lead the sector higher, spiking by 9.5 percent after a report from Bloomberg said the chipmaker is working with investment bankers to consider various options, including a split of its product-design and manufacturing businesses.

Chipmaker Marvell Technology (MRVL) also soared by 9.2 percent after reporting better than expected fiscal second quarter results.

Significant strength also emerged among retail stocks, as reflected by the 1.7 percent gain posted by the Dow Jones U.S. Retail Index.

Computer hardware, banking and housing stocks also saw considerable strength on the day, moving higher along with most of the other major sectors.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan's Nikkei 225 Index advanced by 0.7 percent, while Hong Kong's Hang Seng Index jumped by 1.1 percent.

Meanwhile, the major European markets ended the day slightly lower. While the French CAC 40 Index edged down by 0.1 percent, the U.K.'s FTSE 100 Index and the German DAX Index both closed just below the unchanged line.

In the bond market, treasuries came under pressure over the course of the session after showing a lack of direction early in the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 4.4 basis points to 3.911 percent.

Looking Ahead

Following the Labor Day holiday on Monday, the monthly jobs report is likely to be in focus next week, while reports on manufacturing and service sector activity may also attract attention along with the Fed's Beige Book.


 

 

 

 

 

 

 

 

WHEN WILL THE 'PHONY' EARNINGS SEASONS COME TO AN END?  YES, PHONY!  MANIPULATED FORECASTS, INSIDE INFORMATION, ETC HAVE BECOME INSTITUTIONALIZED.

 


OPPORTUNITY TO ACCESS MARK LEIBOVIT'S PROPRIETARY VOLUME REVERSAL INDICATOR - THIS IS THE ONLY PLACE TO DO IT!

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Yes, that's a cartoon of me.  Louis Rukeyser had us dressed up in 'elf' costumes on the screen broadcast each week.  I've dated myself. That occurred for me between 1988-1996.  Lou didn't like any bearish comments, so myself and other elves got dumped in 1996.  

WHO am I?

MARK LEIBOVIT is Chief Market Strategist for LEIBOVIT VR NEWSLETTERS  a/k/a VRTrader.Com. His technical expertise is in overall market timing and stock selection based upon his proprietary VOLUME REVERSAL (TM) methodology and Annual Forecast Model.

Mark's extensive media television profile includes seven years as a consultant ‘Elf’ on “Louis Rukeyser’s Wall Street Week” television program, and over thirty years as a Market Monitor guest for PBS “The Nightly Business Report”.  He also has appeared on Fox Business News, CNBC, BNN (Canada), and Bloomberg, and has been interviewed in Barrons, Business Week, Forbes and The Wall Street Journal and Michael Campbell's MoneyTalks.

In the January 2, 2020 edition of TIMER DIGEST MAGAZINE, Mark Leibovit was ranked the #1 U.S. Stock Market Timer and was previously ranked  #1 Intermediate U.S. Market Timer for the ten year period December, 1997 to 2007.

He was a 'Market Maker' on the Chicago Board Options Exchange and the Midwest Options Exchange and then went on to work in the Research department of two Chicago based brokerage firms.  Mr. Leibovit now publishes a series of newsletters at www.LeibovitVRNewsletters.com.   He became a member of the Market Technicians Association in 1982.

Mr. Leibovit’s specialty is Volume Analysis and his proprietary Leibovit Volume Reversal Indicator is well known for forecasting accurate signals of trend direction and reversals in the equity, metals and futures markets. He has historical experience recognizing, bull and bear markets and signaling alerts prior to market crashes. His indicator is currently available on the Metastock platform.

His comprehensive study on Volume Analysis, The Trader’s Book of Volume published by McGraw-Hill is a definitive guide to volume trading.  It is now also published in Chinese.  Mark has appeared in speaking engagements and seminars in the U.S. and Canada.



 

 

RFK Jr. Shreds Democrats for Abandoning Democracy

https://tinyurl.com/24sh92xa

 


DANGER DANGER WILL ROBINSON

La Niña can impact weather around the world. For example, in 2024, NOAA projected a 60% chance that La Niña would develop between June and August, which could increase the chances of a dangerous Atlantic hurricane season.

https://tinyurl.com/msfk2je9


 

I USE JOEL WALLACH'S SUPPLEMENTS EVERY DAY.  MAY AGAIN PROVIDE A LINK TO PURCHASE THEM HERE

 


COME ON, DAD. IT'S TIME TO EAT

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