At least there are now assurances that the draconian methodology that has haunted me the past five months, that is that failing an exam would would result in dismissal from the program, is now behind us. The next 18 months until the national exams in March 2018 will be more conventional with the exams being used only as metrics, not as penalty. One course down, seven to go -- or eight if you include the six-week experimental class that begins a week from Tuesday and will include an abundance of opportunity to meet with potential employers while preparing to interview for intern positions.
I picked up my new computer on Tuesday only to discover upon getting home that my tech had failed to provide the new audio system that was supposed to be included. He is on vacation all this week so it is rather useless for video work until at least next Monday. This old laptop will have to continue to be of service for at least one more week.
Meanwhile, my vaunted commitment to the group is pasted below with the week's succinct summary, as well as my personal notes on each day's events. Of course, we may be in for even more turmoil after the first presidential debate Monday night since, after all, the real campaign does not begin until then and the markets are going to be very nervous until the November verdict. Hope everyone had a great weekend, now that autumn is officially here.
Succinct Summation of Week’s Events 9.23.16
Succinct Summations for the week ending September 23rd
2016:
Positives:
1.FOMC announced they would keep rates unchanged. Global equity markets responded positively.
2. Jobless claims fell to 252k, the 4-week moving average fell to 258.5k.
3. Permits for single-family homes rose 3.7%.
4. FHFA house price index rose 0.5% m/o/m, above the 0.4% expected increase.
5. The housing market index rose from 60 to 65, above the 60 expected.
Negatives:
1. PMI manufacturing index flash came in at 51.4, down from 51.2 previously and slightly below expectations.
2. Existing home sales came in at a 5.33M SAAR, below the 5.440M expected.
3. Existing home sales fell 0.9%. The previous fall of 3.2% was revised down to -3.4%.
4. MBA mortgage applications fell 7.3% w/o/w.
5. Housing starts rose to 1.142M, slightly below the 1.19M expected. Down from 1.211 previously.
Wall Street ends flat as banks gain, Apple drags
DJ: 18,120.17 -3.63 NAS: 5,235.03
-9.54 S&P: 2,139.12
-0.04 9/19
They called it a see-saw session today and that was certainly
the truth with the Dow shooting up 125 points right out the gate, then losing
it all by mid-session only to gain back a hundred in late session and then lose
it all again, ending flat. This is what
happens when everyone’s trying to outguess the Fed’s next move. All of this was despite the fact that the
oddsmakers now put a chance of a hike this week at less than 12 percent. What is there to outguess? The Fed has been consistent for the better of
this year that the next hike will be in November or December, if at all. But this is what happens when investors are
not rational. The wise will take a clue
and buy on every downturn. Today’s
rollercoaster was to the tune of 6.1 billion shares, a little less than the 6.7
billion average.
Wall Street ends flat with Fed, BOJ up next
DJ: 18,129.96 +9.79 NAS: 5,241.35
+6.32 S&P: 2,139.76
+0.64 9/20 Volatility continues per the trend with the Dow shooting up
over a hundred points right out the gate and then steadily falling throughout
the session to close almost even again, 10 points on the plus side to be
exact. Tomorrow is when we find out that
the Fed won’t be raising rates this month, though there must still be some
jitters out there because the odds went from 12 to 18 percent overnight. The day’s big damper was the news that Exxon
is being investigated by the SEC for cooking their books over the oil glut
sending the energy index down almost one percent. But it’s all on light volume, only 5.8
billion shares, until after tomorrow’s Fed meeting, awaiting similar news from
Japan, and of course Q3 earnings.
Wall Street rallies after Fed stands pat on rates
DJ: 18,293.70 +163.74 NAS: 5,295.18
+53.83 S&P: 2,163.12
+23.36 9/21
Though the odds of a rate hike today were placed only at 18
percent, all doubt has now been removed with the Fed’s announcement that no
hike this month, but possibly one in December.
That shot the Dow up 163 points aided also by the Bank of Japan’s decision
to also keep their interest rates low.
Yellen continues to be cautionary that the economy is looking better and
better all the time and that a rate increase is likely coming sooner rather
than later. But today’s news calmed
nerves and sent investors buying more stocks.
Predictably, volume was higher than normal at 7.6 billion shares.
Wall Street extends Fed-fueled rally; Nasdaq hits new high
DJ: 18,392.46 +98.76 NAS: 5,339.52
+44.34 S&P: 2,177.18
+14.06 9/22 Investors took another day to digest the Fed’s no rate
decision catapulting the market 150 points right out the gate until it slowly
settled throughout the sesson to close 98 points up. The Nasdaq closed at another record
high. Adding to the good news was an
unexpected drop in people applying for unemployment. Yellen continues to caution the market that a
rate hike is needed soon and the consensus remains likely for December,
currently with odds set at 58 percent.
This was all validated by the 6.8 billion share volume.
Wall Street falls as energy lags; stocks end week up
DJ: 18,261.45 -131.01 NAS: 5,305.75
-33.78 S&P: 2,164.69
-12.49 9/23
Facebook got caught with faulty data and Apple continues to
suffer from less than stellar iPhone sales.
These combined with a bite in oil due to continued problems with freezing
production dropped the Dow down 131 points.
Volume was a little below average at 6.3 billion.
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