• Market Unchanged; Alibaba IPO Does Not Disappoint

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    DOW 17,279.74  +13.75 points or +0.08%
    S&P 500 2,010.40  -0.96 points or  -0.05%

    NASDAQ 4,593.43  -13.64 points or  -0.30%

    Russell 2000  1,146.92  -12.35 points or -1.07%

     

    The Market opened higher and slowly gave back the days gains to close basically flat on the day. The entire morning was dedicated to the Alibaba ipo which did not disappoint. The Alibaba ipo price was $68/price share. The stock opening trade price was about $93/share, $25/share higher than the ipo price. The stock rallied higher up over $99/share, before settling back and closing near the opening price of $93/share. The 10 year Treasury bond yield closed lower at about a 2.59 percent yield for the day. 

    All released and proposed to be released economic reports for the week are listed below.


    September 15

    8:30 am Empire Manufacturing report for September was 27.5. The Market was expecting 16. The prior reported figure was 14.7.

    9:15 am Industrial Production report for August was -0.1 percent. The Market was expecting 0.3 percent. The prior reported figure was revised from 0.4 percent to 0.2 percent. 

    9:15 am Capacity Utilization report for August was 78.8 percent. The Market was expecting 79.3 percent. The prior reported figure was revised from 79.2 percent to 79.1 percent.


    September 16

    8:30 am PPI report for August was flat. That was exactly in line with Market expectations. The prior reported figure was 0.1 percent. 

    8:30 am Core PPI report for August was 0.1 percent. That was exactly in line with Market expectations. The prior reported figure was 0.2 percent. 

    4:00 pm Net Long-Term TIC Flows for July was -$18.6B. The prior reported figure was revised from -$18.7B to -$30.2B. 


    September 17

    7:00 am MBA Mortgage Index report for September 13 was +7.9 percent. The prior reported figure was -7.2 percent.

    8:30 am CPI report for August was -0.2 percent. The Market was expecting a flat report. The prior reported figure was 0.1 percent.

    8:30 am Core CPI report for August was flat. The Market was expecting 0.2 percent. The prior reported figure was 0.1 percent.

    8:30 am Current Account Balance for 2nd Quarter was -$98.5B. The Market was expecting -$114.5B. The prior reported figure was -$111.2B.

    10:00 am NAHB Housing Market Index for September was 59. The Market was expecting 56. The prior reported figure 55. 

    10:30 am Crude Inventories report for September 13 was +3.673M. The prior reported figure -0.972M. 

    2:00 pm FOMC Rate Decision for September remained the same, 0.25 percent. 


    September 18

    8:30 am Initial Claims report for September 13 was 280,000. The Market was expecting 305,000. The prior reported figure was revised from 315,000 to 316,000.

    8:30 am Continuing Claims report for September 6 was 2,429,000. The Market was expecting 2,495,000. The prior reported figure was revised from 2,487,000 to 2,492,000.

    8:30 am Housing Starts report for August was 956,000. The Market was expecting 1,045,000. The prior reported figure was revised from 1,093,000 to 1,117,000.

    8:30 am Building Permits report for August was 998,000. The Market was expecting 1,054,000. The prior reported figure was revised from 1,052,000 to 1.057,000. 

    10:00 am Philadelphia Fed report for September was 22.5. The Market was expecting 23.5. The prior reported figure was 28.0.

    10:30 am Natural Gas Inventories report for September 13 was 90 bcf. The prior reported figure was 28.0.


    September 19

    10:00 am Leading Indicators report for August was 0.2 percent. The Market was expecting 0.4 percent. The prior reported figure was revised from 0.9 percent to 1.1 percent.

  • Dow at New All Time High Alibaba IPO Market Valuation Priced at $167.6 Billion



    DOW 17,265.99  +109.14 points or +0.64%
    S&P 500 2,011.36  +9.79 points or  +0.49%

    NASDAQ 4,593.43  +31.24 points or  +0.68%

    Russell 2000  1,159.27  +5.38 points or +0.47%

     

    The Market opened higher and remained up at the days highs into the close. The Dow closed up at another new all time high. Tomorrow all talk on every news feed will surround the Alibaba IPO. Alibaba priced with a market valuation of $167.6 Billion. That valuation places Alibaba higher than Amazon and Ebay. The 10 year Treasury bond yield closed higher at about a 2.63 percent yield for the day. Trading volume was approximately 5.9 billion shares across all equity trading venues according to BATS exchange data.

    All released and proposed to be released economic reports for the week are listed below.


    September 15

    8:30 am Empire Manufacturing report for September was 27.5. The Market was expecting 16. The prior reported figure was 14.7.

    9:15 am Industrial Production report for August was -0.1 percent. The Market was expecting 0.3 percent. The prior reported figure was revised from 0.4 percent to 0.2 percent. 

    9:15 am Capacity Utilization report for August was 78.8 percent. The Market was expecting 79.3 percent. The prior reported figure was revised from 79.2 percent to 79.1 percent.


    September 16

    8:30 am PPI report for August was flat. That was exactly in line with Market expectations. The prior reported figure was 0.1 percent. 

    8:30 am Core PPI report for August was 0.1 percent. That was exactly in line with Market expectations. The prior reported figure was 0.2 percent. 

    4:00 pm Net Long-Term TIC Flows for July was -$18.6B. The prior reported figure was revised from -$18.7B to -$30.2B. 


    September 17

    7:00 am MBA Mortgage Index report for September 13 was +7.9 percent. The prior reported figure was -7.2 percent.

    8:30 am CPI report for August was -0.2 percent. The Market was expecting a flat report. The prior reported figure was 0.1 percent.

    8:30 am Core CPI report for August was flat. The Market was expecting 0.2 percent. The prior reported figure was 0.1 percent.

    8:30 am Current Account Balance for 2nd Quarter was -$98.5B. The Market was expecting -$114.5B. The prior reported figure was -$111.2B.

    10:00 am NAHB Housing Market Index for September was 59. The Market was expecting 56. The prior reported figure 55. 

    10:30 am Crude Inventories report for September 13 was +3.673M. The prior reported figure -0.972M. 

    2:00 pm FOMC Rate Decision for September remained the same, 0.25 percent. 


    September 18

    8:30 am Initial Claims report for September 13 was 280,000. The Market was expecting 305,000. The prior reported figure was revised from 315,000 to 316,000.

    8:30 am Continuing Claims report for September 6 was 2,429,000. The Market was expecting 2,495,000. The prior reported figure was revised from 2,487,000 to 2,492,000.

    8:30 am Housing Starts report for August was 956,000. The Market was expecting 1,045,000. The prior reported figure was revised from 1,093,000 to 1,117,000.

    8:30 am Building Permits report for August was 998,000. The Market was expecting 1,054,000. The prior reported figure was revised from 1,052,000 to 1.057,000. 

    10:00 am Philadelphia Fed report for September was 22.5. The Market was expecting 23.5. The prior reported figure was 28.0.

    10:30 am Natural Gas Inventories report for September 13 was 90 bcf. The prior reported figure was 28.0.


    September 19

    10:00 am Leading Indicators report for August

  • Dow Closes at Record High as Fed Chair Yellen Says Rates Will Remain Low for a Considerable Time


    DOW 17,156.85  +24.88 points or +0.15%
    S&P 500 2,001.57  +2.59 points or  +0.13%

    NASDAQ 4,562.19  +9.43 points or  +0.21%

    Russell 2000  1,153.92  +2.9 points or +0.39%

     

    The Market traded basically flat all day until after 2pm ET when the Market rallied to close in positive territory, after Federal Reserve Chair Janet Yellen spoke. The rally pulled the Dow up to new all time highs. Janet Yellen reiterated that interest rates will remain low for an extended period. Many Analysts and economists were  thinking the Fed Chair might omit the considerable time language when referring to keeping rates low, yet she did not. Rates will remain low for a long time. The 10 year Treasury bond yield closed a notch higher at a 2.60 percent yield for the day. Trading volume was approximately 6.0 billion shares across all equity trading venues according to BATS exchange data.

    All released and proposed to be released economic reports for the week are listed below.


    September 15

    8:30 am Empire Manufacturing report for September was 27.5. The Market was expecting 16. The prior reported figure was 14.7.

    9:15 am Industrial Production report for August was -0.1 percent. The Market was expecting 0.3 percent. The prior reported figure was revised from 0.4 percent to 0.2 percent. 

    9:15 am Capacity Utilization report for August was 78.8 percent. The Market was expecting 79.3 percent. The prior reported figure was revised from 79.2 percent to 79.1 percent.


    September 16

    8:30 am PPI report for August was flat. That was exactly in line with Market expectations. The prior reported figure was 0.1 percent. 

    8:30 am Core PPI report for August was 0.1 percent. That was exactly in line with Market expectations. The prior reported figure was 0.2 percent. 

    4:00 pm Net Long-Term TIC Flows for July was -$18.6B. The prior reported figure was revised from -$18.7B to -$30.2B. 


    September 17

    7:00 am MBA Mortgage Index report for September 13 was +7.9 percent. The prior reported figure was -7.2 percent.

    8:30 am CPI report for August was -0.2 percent. The Market was expecting a flat report. The prior reported figure was 0.1 percent.

    8:30 am Core CPI report for August was flat. The Market was expecting 0.2 percent. The prior reported figure was 0.1 percent.

    8:30 am Current Account Balance for 2nd Quarter was -$98.5B. The Market was expecting -$114.5B. The prior reported figure was -$111.2B.

    10:00 am NAHB Housing Market Index for September was 59. The Market was expecting 56. The prior reported figure 55. 

    10:30 am Crude Inventories report for September 13 was +3.673M. The prior reported figure -0.972M. 

    2:00 pm FOMC Rate Decision for September remained the same, 0.25 percent. 


    September 18

    8:30 am Initial Claims report for September 13

    8:30 am Continuing Claims report for September 6

    8:30 am Housing Starts report for August

    8:30 am Building Permits report for August

    10:00 am Philadelphia Fed report for September

    10:30 am Natural Gas Inventories report for September 13


    September 19

    10:00 am Leading Indicators report for August

  • Market Enjoys a Strong Broad Rally FOMC Meeting Began Today Rates in Focus


    DOW 17,131.97  +100.83 points or +0.59%
    S&P 500 1,998.98  +14.85 points or  +0.75%

    NASDAQ 4,552.76  +33.86 points or  +0.75%

    Russell 2000  1,150.97  +4.45 points or +0.39%

     

    The Market opened the day flat and then after 11 am, the Market began a strong rally that lasted into the close. The rally was broad, the small cap as well as large cap indexes rallied higher today. All 10 of the S&P 500 industry sectors also closed up on the day. The Federal Reserves FOMC meeting began today. As usual, the rhetoric of conjecturing when the Fed will raise rates picks up around these meetings.  The 10 year Treasury bond yield closed basically unchanged at a 2.59 percent yield for the day. Trading volume picked up, with approximately 6.12 billion shares trading across all equity trading venues according to BATS exchange data.

    All released and proposed to be released economic reports for the week are listed below.


    September 15

    8:30 am Empire Manufacturing report for September was 27.5. The Market was expecting 16. The prior reported figure was 14.7.

    9:15 am Industrial Production report for August was -0.1 percent. The Market was expecting 0.3 percent. The prior reported figure was revised from 0.4 percent to 0.2 percent. 

    9:15 am Capacity Utilization report for August was 78.8 percent. The Market was expecting 79.3 percent. The prior reported figure was revised from 79.2 percent to 79.1 percent.


    September 16

    8:30 am PPI report for August was flat. That was exactly in line with Market expectations. The prior reported figure was 0.1 percent. 

    8:30 am Core PPI report for August was 0.1 percent. That was exactly in line with Market expectations. The prior reported figure was 0.2 percent. 

    4:00 pm Net Long-Term TIC Flows for July was -$18.6B. The prior reported figure was revised from -$18.7B to -$30.2B. 


    September 17

    7:00 am MBA Mortgage Index report for September 13

    8:30 am CPI report for August

    8:30 am Core CPI report for August

    8:30 am Current Account Balance for 2nd Quarter

    10:00 am NAHB Housing Market Index for September

    10:30 am Crude Inventories report for September 13

    2:00 pm FOMC Rate Decision for September


    September 18

    8:30 am Initial Claims report for September 13

    8:30 am Continuing Claims report for September 6

    8:30 am Housing Starts report for August

    8:30 am Building Permits report for August

    10:00 am Philadelphia Fed report for September

    10:30 am Natural Gas Inventories report for September 13


    September 19

    10:00 am Leading Indicators report for August