I'm a day late but hopefully not a dollar short. The fact is that though I had my required video interview completed last Tuesday (and it turned out quite smashing), I had to work night and day Tuesday through Friday to get it uploaded to the company's website and all my emails to inform them of my difficulty and requesting assistance (or options) went unanswered.
I finally did succeed in establishing an upload link by Friday but the effort left me exhausted and also wondering whether I really wanted this internship after all, at least with this company. In the good old days, you just sent a resume and they would (hopefully) call you in for an interview. Is a company that makes you work this hard just to get the first interview really worth it?
And will I ever get able to get back to my daily blog postings? Indeed if just looking for an internship is this time consuming, will I be able to keep the blog going? We'll have to see. Meanwhile, the usual weekly summation is supplied for everyone's edification, along with my daily notes about developments in the market. Hope everyone is driving safely in all this snow and keeping warm.
Succinct Summation of Week’s Events 12.9.16
Succinct Summations for the week ending
December 9th, 2016
Positives:
1.
Dow, S&P 500, and NASDAQ all made new all-time highs.
2. Consumer sentiment rose from 93.8 to 98, just
one tenth of a point away from last year’s high.
3. ISM non manufacturing increased from 54.8
previously to 57.2.
4. Nonfarm productivity
rose 3.1% y/o/y, to the highest reading since the second quarter of last
year.
5. Jobless claims fell from 268k
previously down to 258k.
6. Despite the rise
in interest rates, the MBA mortgage application purchase index rose 0.4%
w/o/w.
7. Factory orders rose 2.7% m/o/m and
last months was revised up 0.3%.
8. PMI
services index came in at a strong 54.6, new orders came in at the strongest
rate this year.
Negatives:
1.
Job openings fell 1.7% to 5.534M. Hiring also fell 0.4%.
2. Revolving credit rose 6% to levels not seen
since June 2008. This could fall in either positive or negative, depending on
how you look at it. Seeing as how one sided these summations are we put it
here.
Wall Street rises, buoyed by economic data; Dow sets high
DJ: 19,216.24 +45.82 NAS: 5,308.89
+53.24 S&P: 2,204.71 +12.76 12/5
Now that the post election euphoria seems to
be settling down, the market continues to edge upwards leaving the Dow with
still another record setting close up 45 points at 19,216. Good news spurring this on included the
services sector hitting a one-year high with a subsequent surge in hiring. The Fed rate hike is expected next week and
it is now being viewed as a positive.
Volume remains vigorous at 7.1 billion.
Banks, telecoms lead Wall Street up; another Dow record
DJ: 19,251.78 +35.54 NAS: 5,333.00
+24.11 S&P: 2,212.23
+7.52 12/6
With a gain of 35 more points, the Dow has
set yet another record high, going on almost three weeks now of new record
highs. Since Trump’s policies are
expected to benefit financials, that sector alone has zoomed 15 percent since
the election. The market also continue
to enjoy stimulus from positive data and higher than expected Q3 earnings,
which now has Wall Street thinking that the long earnings recession is now
over. Volume remains quite at 7.1
billion.
Wall Street surges to new highs; transports set record
DJ: 19,549.62 +297.84 NAS: 5,393.76
+60.76 S&P: 2,241.35
29.12 12/7
A huge nearly 300 point jump in the Dow today
being attributed to such sundry events as the continuing post-Trump rally, a
new high in transportation and a $3 billion dollar trading program that began
today. But it’s more likely that the big
jump is due to so many traders rushing to cover their short positions prior to
tomorrow’s ECB meeting. Which means the
jump doesn’t mean much. We will know
better tomorrow, but the ECB is expected to announce at the meeting the
continuation of its bond buying program, so the status quo will remain
intact.
Wall Street again marks new highs in post-election run
DJ: 19,614.81 +65.19 NAS: 5,417.36
+23.59 S&P: 2,246.19
+4.84 12/8
The Dow continues to climb, today 65 more
points, much more reasonable than yesterday’s 300 point jump that mostly
consisted of investors covering short positions awaiting today’s ECB
decision. The ECB went pretty much the
same way as our own Fed, cutting back on its bond purchases but still committed
to continued stimulus as economic conditions warranted. In other words, “wait and see,” not exactly
what everyone wanted to hear. The market
was hoping for more bond purchases, but the promise of continuing stimulus was
enough to soothe nerves and push the market higher. Today’s index was also bolstered by lower
numbers filing for unemployment supporting a strengthening labor market and
continued momentum. The current
sentiment: if you own stock, hold it; if
you don’t, buy. The market will continue
to rise as long as that sentiment holds.
Volume was again quite healthy at 8 billion.
Record-setting rally pushes on as S&P ends week up 3
percent
DJ: 19,756.85 +142.04 NAS: 5,444.50
+27.14 S&P: 2,259.53
+13.34 12/9
The market has been going crazy in a
post-election euphoria since Trump’s victory with investors expecting that his
fiscal policies will benefit certain industries. Of course, as is usually the case, certain
industries such as healthcare and utilities were expected to suffer as well. That changed Friday when even these laggard
sectors got a big boost finally picking up on the rally on which everyone else
was feasting, thus pushing the Dow up yet another 142 points and all the
indexes enjoying yet another set of record highs. As one New York analyst noted, “Cash is
burning a hole in portfolio managers’ pockets and is getting reallocated out of
fixed income and into equities.” Indeed
there has been a lot of cash sitting on the sidelines for a good long time and
it is now coming out of the woodwork.
Consumer sentiment is at its highest in a year and trading remained vigorous
at 7.4 billion shares.
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