Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
US Presidential Election Year Stock Market Seasonal Trend - 29th Nov 24
Who controls the past controls the future: who controls the present controls the past - 29th Nov 24
Gold After Trump Wins - 29th Nov 24
The AI Stocks, Housing, Inflation and Bitcoin Crypto Mega-trends - 27th Nov 24
Gold Price Ahead of the Thanksgiving Weekend - 27th Nov 24
Bitcoin Gravy Train Trend Forecast to June 2025 - 24th Nov 24
Stocks, Bitcoin and Crypto Markets Breaking Bad on Donald Trump Pump - 21st Nov 24
Gold Price To Re-Test $2,700 - 21st Nov 24
Stock Market Sentiment Speaks: This Is My Strong Warning To You - 21st Nov 24
Financial Crisis 2025 - This is Going to Shock People! - 21st Nov 24
Dubai Deluge - AI Tech Stocks Earnings Correction Opportunities - 18th Nov 24
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Same Old Boredom....Elections Coming Up...

Stock-Markets / Stock Markets 2016 Nov 01, 2016 - 02:01 AM GMT

By: Jack_Steiman

Stock-Markets

The market did today what it seems to do most every day. Gap and then go nowhere for the rest of the day. The market seems to waiting on the elections to come and go with the hope that Clinton will win only for the fact that it means The Dove, known as Yellen, will remain in place. It also wants deadlocks in the house and senate. However, before we get to the elections we get to look in on how the economy is doing on both manufacturing and services and then we'll gander a look at the Jobs Report on Friday. The fed is in between all this nonsense. Tomorrow it all starts with the ISM Manufacturing Report.


This account for approximately 20% of our economy. Manufacturing has been weak for a very long time and not showing any real signs of improving. Maybe we'll get a nice surprise tomorrow, but the trend is clearly not in its favor. Yellen will announce she's not raising rates on Wednesday and then we get the more important ISM Services Report on Thursday. This makes up approximately 80% of our economy. This, too, has been weak and trending lower overall. This would help the fed expedite the process of one more rate hike, if it would show some decent improvement.

It has the occasional move higher out of the blue, but it has not been sustainable in that direction. Yellen is always talking about the need to see consistent improvement in these important numbers before raising rates. The market wants to see a hike as the fed is so behind the real world, but bad numbers could prevent the much-anticipated rate hike come December. Then we get the Jobs Report on Friday, which is also key to her deciding when to get moving on the next hike. These reports are all very important, especially services and the Jobs Report. It won't be a boring week on the report and fed side of things, but it will likely remain very boring on the trading side of the market. We need the elections to come and go before we get some fireworks.

The market has gone nowhere for two years. It has gone nowhere in its current pattern for nearly six months. We broke out over 2134 on the S&P 500 on July 11, and then refused to impulse higher. Bad sign that eventually came home to roost. We simply don't move. I can't believe how thin the trading range has been for so long, other than to say if it weren't for the fed then we'd be in big trouble, since there's absolutely nothing good happening on any important front. Earnings stink. Valuations stink. Economic news stinks. The fed keeps the bubble alive, however, and that's all that matters. I will tell you this, if the elections come and go and we're still trading between S&P 500 2104 and 2194 then you may want to just give it up. I would imagine that has to do the trick one way or the other.

In this market, less is definitely more. The more you do, the worse you'll likely feel about your portfolio. Patience is sadly the only way to proceed, until we get a break one way or the other. Let's see if the economic news this week does something unexpected. I doubt it, but we can hope.

Peace,

Jack

Jack Steiman is author of SwingTradeOnline.com ( www.swingtradeonline.com ). Former columnist for TheStreet.com, Jack is renowned for calling major shifts in the market, including the market bottom in mid-2002 and the market top in October 2007.

Sign up for a Free 15-Day Trial to SwingTradeOnline.com!

© 2016 SwingTradeOnline.com

Mr. Steiman's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Steiman's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in