Traders Market Weekly: Doing OK After September Gloom, Shutdowns, Strikes & Rates?

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    Eight economists surveyed by China Securities Journal expect China’s economy to grow 5.2% in Q4.

    Japan’s July Corporate Services Price Index 2.1% yr/yr (expected 1.8%; last 1.7%). August BoJ Core CPI 3.3% yr/yr (expected 3.2%; last 3.3%)

    South Korea’s September Consumer Confidence 99.7 (last 103.1)

    Singapore’s August Industrial Production -10.5% m/m (expected -1.7%; last 3.7%); -12.1% yr/yr (expected -3.1%; last -1.1%)

    Hong Kong’s August trade deficit $25.6 bln (last deficit of $30.0 bln). August Imports -0.3% m/m (last -7.9%) and Exports -3.7% m/m (last -9.1%)


    Major European indices trade on a mostly lower note while the U.K.’s FTSE (+0.2%) outperforms with financials, homebuilders, and some consumer names contributing to the strength.

    —Equity Markets—

    STOXX Europe 600: -0.5%
    Germany’s DAX: -0.8%
    U.K.’s FTSE 100: +0.2%
    France’s CAC 40: -0.8%
    Italy’s FTSE MIB: -0.9%
    Spain’s IBEX 35: -0.2%


    EU Foreign Minister Borrell will visit China in October.
    Germany’s finance ministry announced that debt issuance in Q4 will be EUR31 bln below the original plan.
    European Central Bank policymaker Simkus said that he would not rush to forecast the timing of the first rate cut while policymaker Muller said that he does not see the need for additional hikes at this time.


    United Natural Foods (UNFI 15.63, -3.29, -17.4%): beats by $0.14, reports revs in-line; guides FY24 EPS below consensus, revs in-line; announces acceleration and expansion of customer and supplier focused multi-year Transformation Plan; enters cooperation agreement with JCP Investment Management

    Thor Industries (THO 92.00, -2.82, -3.0%): beats by $0.73, beats on revs; guides FY24 EPS in-line, revs in-line; very optimistic about long-term RV industry growth; Co noted that it plans to make significant investment in its future in fiscal 2024, resulting in incremental research and development spend. That investment impacts diluted earnings per share in fiscal 2024, but creates significant upside in the longer term.


    Sirius XM (SIRI 3.6100, -0.40, -10.0%): Liberty Media filed amended 13D; outlines proposed combination of the Liberty SiriusXM to form a new, consolidated public company on Sept 22


    Coty (COTY 11.44, -0.35, -3.0%): files mixed shelf securities offering


    Pinterest (PINS 26.18, +0.12, +0.5%): HSBC initiated coverage with a Buy rating

    DraftKings (DKNG 28.22, +0.86, +3.1%): upgraded to Overweight from Neutral


    Ford Motor (F 12.54, -0.04, -0.3%): UAW President Shawn Fain lambasts Ford for its plan to halt construction on EV battery plant in Michigan


    Immunovant (IMVT 33.90, +13.47, +66.5%): and Roivant (ROIV) announces positive initial IMVT-1402 Phase 1 SAD and 300 mg Subcutaneous MAD Results


    Alibaba (BABA 86.79, -0.43, -0.5%): confirmed it intends to spin-off Cainiao by way of a separate listing of the Cainiao Shares on the Main Board of the Hong Kong Stock Exchange


    The Conference Board’s Consumer Confidence Index dropped to 103.0 in September (consensus 105.0) from an upwardly revised 108.7 (from 106.1) in August. In the same period a year ago, the index stood at 107.8.

    The key takeaway from the report is that the drop in consumer confidence was driven by consumers’ weakening expectations for future business conditions, job availability, and incomes, all of which has the potential to translate into softer spending activity.


    New home sales declined 8.7% month-over-month in August to a seasonally adjusted annual rate of 675,000 units (consensus 695,000) from an upwardly revised 739,000 (from 714,000) in July. On a year-over-year basis, new home sales were up 5.8%.

    The key takeaway from the report is that new home sales activity, which is measured on signed contracts, is being adversely impacted by high mortgage rates that have hurt affordability. New home sales in August were the lowest since March.


    ^^^^ +1s for excellent posts above & to great POTUS of past
    Truman is only president where atom bomb was in USA only for 4 years & he never thought of using 🙂

    PPPPPLLLLUUUUNNNNGGGGGEEEEE – inflation, border explosion, GOVT shutdown, BIDENOMICs, oil/gas supply decrease, FOMC future increases, etc. are creating wall of worry … The GOVT shutdown will have broad impacts & even looks likely unless a surprise last minute deal is made. Personally, I believe 100% in BALANCED BUDGET & even surplus to reduce DEBT 🙂 — and hope in longer timeframe we achieve (good book tells us not to be a “prisoner of DEBT”).


    As a “cautious investor” – I like the Warren Buffet approach of buying at a fire sale price
    VITAX Admiral is among my FAVORITE in Vanguard series
    With limited 401k choices at work – it follows major NASDAQ firms (did well in better times)
    major TECH with Morningstar 5 star rating. As we could potentially have some downturn ahead
    I’ve locked back into 100% VITAX contributions when the “eagle lands” every 2 weeks – lol

    OCT/NOV could be difficult months – as reality could catch up with WALL ST
    And ROTH IRA is highly recommended to pay taxes now & reap tax-free gains in future
    Most of long-term is parked in KASH & ready to buy on DIP when the fire sales arrive
    But hopefully, it won’t be that bad – for sake of our great nation 🙂


    Dow 33,618.75 -388.13 -1.14%
    S&P 500 4,273.52 -63.92 -1.47%
    Nasdaq 13,063.61 -207.71 -1.57%
    VIX 19.39 2.49 14.73%
    Gold 1,918.60 -18.00 -0.93%
    Oil 90.60 0.92 1.03%

    And be careful trying to make a FAST BUCK in markets today 🙂

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