ANOTHER DAY & MORE BAD DATA / DAVE´S DAILY

Another Day & More Bad Data
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Third quarter GDP data was reported today which was up 2.07% up 0.58% from the BEA’s previous estimate but still down from the second quarter. The best analysis, from our view, is from Consumer Metrics Institute. I encourage you to read it if only studying the conclusions.

Consumer Confidence fell a sharply to only 90.4 vs 99.6 expected from prior 99.6.

Richmond Fed Mfg Index fell for the third straight month to -3 vs 1 expected & prior -1; and State Street Investor Confidence also fell to 106.8 vs prior 114.0. Case-Shiller HPI rose a seasonally adjusted 0.6% from 0.3% but headline report fell to 0.2% vs 0.3%---take your choice.

Markets moved down sharply early in the session given a Russia/Turkey incident, but then the “bad news bulls’ bots” hit the buy button to close major indexes slight higher. (Must. Close. Green.)

Given what happened as Turkey shot down a Russian jet combined with Saudi Arabia comments about stabilizing oil prices allowed crude oil the opportunity to rise sharply to 2.30%.

Market sectors moving higher included: Energy (XLE), Retail (XRT), Small Caps (IWM), Homebuilders (ITB), Materials (XLB), Emerging Markets (EEM), South Korea (EWY), India (EPI), Canada (EWC), Australia (EWA), Brazil (EWZ), Crude Oil (USO), Gold (GLD), Gold Stocks (GDX) and so forth.

Market sectors moving lower included: REITs (IYR), Financials (XLF), Russia (RSX), Natural Gas (UNG) and not much else.

The top ETF daily market movers by percentage change in volume whether rising or falling is available daily.
Volume was still on the light side and breadth per the WSJ was positive.

The top ETF daily market movers by percentage change in volume whether rising or falling is available daily.

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Charts of the Day

Major U.S. Markets (7)
$NYMO (1)
$NYSI (1)
$VIX (1)

• SPY 5 MINUTE

  
  
  
  
  

• SPX DAILY

  
  
  
  

• SPX WEEKLY

  
  
  
  

• INDU DAILY

  
  
  
  

• INDU WEEKLY

  
  
  
  

• RUT WEEKLY

  
  
  
  

• NDX WEEKLY

  
  
  
  

• NYMO DAILY

  
  
  The NYMO is a market breadth indicator that is based on the difference between the number of advancing and declining issues on the NYSE. When readings are +60/-60 markets are extended short-term.
  
  

• NYSI DAILY

  
  
  The McClellan Summation Index is a long-term version of the McClellan Oscillator. It is a market breadth indicator, and interpretation is similar to that of the McClellan Oscillator, except that it is more suited to major trends. I believe readings of +1000/-1000 reveal markets as much extended.
  
  

• VIX WEEKLY

  
  
  The VIX is a widely used measure of market risk and is often referred to as the "investor fear gauge". Our own interpretation is highlighted in the chart above. The VIX measures the level of put option activity over a 30-day period. Greater buying of put options (protection) causes the index to rise.
  
  
  
  

 



































This may be the last post this week as like you, we have family obligations.

That said there’s plenty of unknown geopolitical events to upset investors.

Wednesday also features more economic data to chew on including Durable Goods Orders; Jobless Claims; Consumer Sentiment; Personal Income & Spending’ New Home Sales’ FHFA House Price Index and Petroleum Inventories.

Let’s see what happens.