Summation for week-ending 9-30-16

It's been quite a week on my personal projects. The 2nd CFP class which was due to begin Tuesday night October 4th has been canceled, so I have more time now to plan my 12 year overdue vacation, for which I will likely leave right after attending the Michigan Financial Planning Conference to be held October 18th.  Meanwhile, I've had very good news with my book, having just received news that I placed in the top 6 percent in my first literary competition in Los Angeles, top 1% for originality.  I'm thinking there's a chance I might even do well enough to land an agent and sell the thing.  Meanwhile, I'm busy wrapping up a nine-month project finishing a video this week for the 75th anniversary celebration of my church this Saturday evening.  With any luck, with the other good things that are happening in my life right now, I won't have much time to do any more videos for a while.  My new computer is in and, as soon as the festivities are over on Saturday, I come home and set it up.  In the next week or two I'm hoping this daily blog will be back online again after over a two month absence.


But as for tonight, since I've been busy all week and weekend delivering a video to a client, I missed Ritholtz's Succinct Weekly Summation, so as a substitute I offer my five daily summations I put together last week.  Wishing everyone a great week.

BUSINESS NEWS | Mon Sep 26, 2016 | 4:13pm EDT

Global stocks wobble before U.S. debate, output deal hope lifts oil

By Richard Leong | NEW YORK

DJ:          18,094.83  -166.62            NAS:      5,257.49  -48.26 S&P:      2,146.10  -18.59 9/26

The market dislikes nothing quite like it dislikes uncertainty and more investors than not are nervous about the November election.  So there were many doubts to be salved and anxiously awaiting tonight’s first presidential debate to salve them.  Preceding that, everyone’s in defensive mode which was evidenced by the Dow dropping like a rock immediately upon opening and continuing throughout the session to close 166 points down.  This was all despite the fact that oil, the market’s bane for some now, had a very good day.  But trading was light, volume considerably below average at 5.9 billion.  As the polls emerge in the next few days this may all change if the needle on either candidate gets a bump. 

 BUSINESS NEWS | Tue Sep 27, 2016 | 4:18pm EDT

Stocks gain after U.S. presidential debate; oil drops

Markets see Clinton win in debate

By Richard Leong | NEW YORK

DJ: 18,228.30  +133.47    NAS: 5,305.71  +48.22      S&P: 2,159.93  +13.83      9/27

Yesterday the market dropped 166 points on fears that last night’s debate might not go well.  Today, with the sentiment on Wall Street being that Clinton won, and given that Clinton represents a certain degree of stability and predictability in an otherwise chaotic world, Hillary’s performance sent investors back into equities this morning and shot the Dow up another 133 points.  One down, two to go, but volume remains below average at 6.2 billion. 

 MARKET NEWS | Wed Sep 28, 2016 | 6:27pm EDT

Wall Street rises as OPEC deal fuels energy shares

By Noel Randewich

DJ: 18,339,24  +110.94      NAS: 5,318.55  +12.84      S&P: 2,171.37  +11.44      9/28

The market is a little more relaxed over the election so today’s sights were on oil once again and the good news that OPEC might have the long awaited deal to cut production and thus tame the glut that has been the bane of the energy energy for quite some time.  This news sent the Dow soaring 110 points on a fairly robust volume of 7.1 billion. 

 BUSINESS NEWS | Thu Sep 29, 2016 | 6:05pm EDT

Oil gains, Deutsche Bank weighs on stocks; yen cuts losses

By Rodrigo Campos | NEW YORK

DJ: 18,143.45  -195.79     NAS:  5,269.15  -49.39          S&P: 2,151.13  -20.24      9/29

Yesterday oil had a very good day with OPEC promising to cut production.  Those good feelings extended into today bringing the energy index up a couple good points again, but none of it was enough to stem the panic of the Deutsche Bank scandal, which brought down a $14 billion fine from the U.S. Justice Department, putting a big damper on the entire financial sector and sending the Dow down nearly 200 points.  The good news is that OPEC probably saved the market from an even worse beating, possibly a potential meltdown, none of which was helped at all by our own Wells Fargo scandal.  At 7.7 billion shares, volume was more robust than usual. 

 BUSINESS NEWS | Fri Sep 30, 2016 | 4:24pm EDT

Wall Street rallies, led by Deutsche Bank, financials

By Lewis Krauskopf | NEW YORK

DJ: 18,308.15  +164.70           NAS: 5,312.00  +42.85      S&P: 2,168.27  +17.14         9/30

So the market tumbled nearly 200 points yesterday due to Deutsche Bank in Germany being socked with a $14 billion dollar fine.  It sent shock waves through the entire global financial sector on fears that Deutsche would not have sufficiently liquidity to survive this and, if it folded, the panic might spread to other banks as well.  Today, Deutsche negotiated with the U.S. for a reduced fine of $5 billion dollars and that shot the market right back up again.  Investors are now confident there will be no blood-letting and the financial sector jumped 1.4 percent including 3 percent jumps for both BofA and Citi.  Volume was above average at 7.5 billion.