FYI: ( Weekly Recap was not available till after 9:00AM this morning.)
A short trading week led to a positive outcome as trade war fears ebbed and a weak employment report gave traders what they want with more Federal Reserve cuts assured. A quite weak manufacturing reading Tuesday was a 1 day annoyance. Technical conditions in the S&P 500 chart especially improved; the NASDAQ to a degree – the Russell 2000 still looks poor.
We watch the ISM numbers quite closely in these parts – and the manufacturing number went below 50 Tuesday. The reading was 49.1 which is the lowest since early 2016, and 2.1 lower than the prior month. Economists expected a reading of 51. So of course the market didn’t fall apart in mid 2016 but we are in a different spot of the economic cycle with tariffs hampering manufacturers. This is now a number people should be watching like a hawk each month in the coming 12-18 months
Regards,
Ted
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