Hello traders everywhere! Jeremy Lutz with your mid-day market update for Friday, the 12th of October.
Stocks have moved mostly lower over today despite a higher open this morning. Selling pressure has remained subdued, however, contributing to choppy trading on Wall Street.
The major averages have climbed off their worst levels in recent trading but remain in the red. This downturn came despite the release of an upbeat report on U.S. consumer sentiment in the month of October.
Thomson Reuters and the University of Michigan said that the preliminary reading on their consumer sentiment index for October came in at 83.1 compared to the final September reading of 78.3.
With the significant monthly increase, the consumer sentiment index rose to its highest level since September of 2007.
If you haven't do so yet. Be sure to vote on our Poll about the V.P. Debates last night. We have quite a conversation going on.
Now, let's analyze the major markets and stocks on the move using MarketClub's Trade Triangle Technology.
The ironic thing is that the IRS real time numbers (based on wages and salary with-holding) actually increased in August to 185,000 and in Sept to 210,000. The incompetent methodology used by the Bureau of Lies and Statistics even blew that! These numbers are reported by Charles Biderman's Trim Tabs Investment Research on the Wed prior to the Friday BLS report. You cannot use his numbers to front run, however, as the BLS numbers, by their own admission have a plus or minus 100,000 statistical variation to the true number, and have no true basis in reality.
Biderman's site speculates the increased economic activity causing the improved numbers is related to the upturn in housing and the low mortgage rate, probably a brief and temporary phenomenon, we'll see...
Oh my no who in the world would want to skew the numbers to look better. 😉
No one believes the numbers anymore; wait for the revisions, or the revisions of the revisions (which come after the elections). I wonder if the consumer sentiment numbers include the 47 million folks on food stamps.
Sure seems to be quite a coincidence that the employment numbers improved, the unemployment claims dropped and now the consumer sentiment has risen all just as elections are approaching but I am sure there has been no skewing the numbers????