Michael Gouvalaris Blog | Talkmarkets | Page 1
Writer at The Technical Investor

Michael Gouvalaris is the author of The Trading Playbook: Two Rule Based Plans for Day Trading and Swing Trading. He is the author of the Technical Investor blog (formerly Mikes Trading Journal) which began in 2009 and has provided timely and accurate technical analysis of the markets and ... more

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Unemployment/Continuing Claims & Retail Sales
Weekly unemployment claims came in at 898K. This was worse than expected and above last week’s 845K reading.
Small Business Optimism & Inflation Data
Small business optimism came in at 104, handily beating Wall Street estimates. This number represents an increase of 3.8% over the prior month and an increase of 2.2% year over year.
Weekly Unemployment & Continued Claims
Weekly unemployment claims just came in at 840,000. Expectations were for 820,000, so it's worse than expected and a slight uptick from last weeks 837,000.
JOLTS Report
The JOLTS report measures the amount of job openings reported for the month.
EC Month In Review
The economy is clearly in recovery mode based upon historic fiscal and monetary stimulus measures. Unfortunately, we are all at the mercy of the virus in the short term.
Consumer Confidence And ISM Manufacturing/Services
Consumer Confidence numbers came in last week at 101.8. Still well below the pre-COVID highs (-18.6% year over year) but a sharp increase over the prior month (84.8).
Gold Market Review
The recent weakness in stocks has correlated with strength in the US dollar and weakness in Gold. I
Unemployment Claims And New Home Sales
The weekly unemployment claims numbers came in at 870K, which was worse than market expectations of 845K, and a slight uptick from last week's 860K number.
Tesla And Market Update
A lot rides on the direction of the broader market. After the breakout to new highs, stocks have lost steam in the last few weeks.
Household Net Worth
The Household Net worth results came in yesterday at a record of $118.96 trillion, mainly due to increases in home prices and the bounce back in stocks.
Earnings Update
Forwards earnings estimates for all S&P 500 companies combined have increased 11 of the last 12 weeks. Bottoming out the week of June 26th at $127.98, and increasing about 14.5% to $146.43 as of 9-18.
Leading Economic Index (LEI)
The index increased 1.2% for the month of August, which makes 4 straight months of increases.
Some Thoughts Post Fed Meeting
Yesterday the Federal Reserve reiterated its stance they would do anything within their power to support the recovery. Their “dot-plot” shows the Fed Funds rate projections staying near 0% through 2023.
Weekly Unemployment And Continued Claims
Weekly jobless claims ticked down to 860K, which was below last week's reading of 884K but missed expectations of 825K.
Retail Sales And Last Week's Econ Data Points
Core retail sales increased 0.7% month over month, missing expectations of an increase of 1.0%.
Stocks Review: Adobe & FedEx
Adobe posted earnings growth of 25% for fiscal Q3, once again beating Wall Street expectations. FDX reported a record high quarterly revenue – on growth of 13% – on earnings growth of 60%, which both far surpassed expectations.
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