One old market adage that is commonly mentioned just ahead of the Jewish holidays is "Sell Rosh Hashanah, Buy Yom Kippur." With the holidays commencing Friday at sundown, ending Sunday at sundown. Historical Origin: The rule's origin is based on the concept that followers of the Jewish faith want to be free from material possessions during the most sacred period of the calendar year. Rosh Hashanah is the Jewish New Year, so Happy New Year! Watch Sept 24-25 for a possible buy.
Friday's New Moon plus a quadruple options expiration perfectly synced to create trading top. the New Moon.
Stocks moved sharply lower over the course of the trading day on Friday, giving back ground following the rally seen on Thursday. The major averages all showed notable moves to the downside, with the tech-heavy Nasdaq leading the pullback. The major averages all finished the day firmly in negative territory. The Nasdaq tumbled 217.72 points or 1.6 percent to 13,708.33, the S&P 500 slumped 54.78 points or 1.2 percent to 4,450.32 and the Dow slid 288.87 points or 0.8 percent to 34,618.24.
For the week, the major averages turned in a mixed performance. While the Dow inched up by 0.1 percent, the S&P 500 slipped by 0.2 percent and the Nasdaq fell by 0.4
percent. The pullback on Wall Street partly reflected profit taking, with some traders cashing in on Thursday's gains ahead of the next week's Federal Reserve meeting. While the Fed is widely expected to leave interest rates unchanged next week, the latest batch of U.S. economic data reignited concerns about the possibility of
future rate hikes.
The Labor Department released a report this morning showing a bigger than expected increase in U.S. import prices in the month of August as well as a much bigger than expected surge in U.S. export prices. The Labor Department said import prices climbed by 0.5 percent in August after a downwardly revised 0.1 percent uptick in July.
Economists had expected import prices to rise by 0.3 percent compared to the 0.4 percent increase originally reported for the previous month. Meanwhile, the report said export prices spiked by 1.3 percent in August after climbing by a downwardly revised 0.5 percent in July. Economist had expected export prices to increase by 0.3 percent compared to the 0.7 percent advance originally reported for the previous month.
A separate report released by the New York Fed showed a substantial turnaround in New York manufacturing activity in the month of September. The Federal Reserve also released a report showing U.S. industrial production increased by much more than expected in the month of August. The report said industrial production climbed by 0.4 percent in August following a downwardly revised 0.7 percent advance in July.
Economists had expected industrial production to inch up by 0.1 percent compared to the 1.0 percent jump originally reported for the previous month. Meanwhile, traders largely shrugged off a report from the University of Michigan showed a notable decrease in near-term and long-term inflation expectations.
Semiconductor stocks moved sharply lower over the course of the session, resulting in a 3.0 percent plunge by the Philadelphia Semiconductor Index.
Substantial weakness was also visible among software stocks, as reflected by the 2.3 percent slump by the Dow Jones U.S. Software Index.
Adobe (ADBE) posted a steep loss despite reporting fiscal third quarter results that exceeded analyst estimates on both the top and bottom lines.
Housing stocks also saw considerable weakness on the day, with the Philadelphia Housing Sector Index tumbling by 2.1 percent.
Retail, energy and computer hardware also moved notably lower, while gold stocks were among the few groups to buck the downtrend amid an increase by the price of the precious metal.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan's Nikkei 225 Index surged by 1.1 percent, while
Hong Kong's Hang Seng Index advanced by 0.8 percent. The major European markets also moved to the upside on the day. While the French CAC 40 Index jumped by 1.0 percent, the German DAX Index and the U.K.'s FTSE 100 Index climbed by 0.6 percent and 0.5 percent, respectively.
In the bond market, treasuries remained firmly negative throughout the session after coming under pressure in early trading. As a result, the yield on the benchmark
ten-year note, which moves opposite of its price, climbed 3.4 basis points to 4.322 percent.
What about the January Barometer?
The January Barometer calls for a positive year-end outcome, but a lot can happen between now and then. Please check with previous editions discussing the calculation of the Barometer.
GOLD SUFFERING FROM STRONG US DOLLAR - ALSO UAPs
RECORDED THURSDAY AFTERNOON SEPTEMBER 14 -
SPY - WEEKLY - UNTIL WE TAKE OUT THE LOW FROM AUGUST 14 WEEK, THE BULLS HAVE THE UPPER HAND
CRYPTO UPDATE AS OF SEPTEMBER 16
CANNABIS UPDATE FOR SEPTEMBER 15:
OPPORTUNITY TO ACCESS MARK LEIBOVIT'S PROPRIETARY VOLUME REVERSAL INDICATOR - THIS IS THE ONLY PLACE TO DO IT!
COME ON, DAD. IT'S TIME TO EAT
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