Major averages bounced higher on lower volume yesterday, as the action remains somewhat normal within the context of the massive capitulation sell-off of two Mondays ago. In economic news, data showed solid private-sector job gains in August and a jump in productivity growth in the second quarter. The Federal Reserve’s Beige Book said several district banks “reported increasing wage pressures caused by labor market tightening”, a change from earlier reports. But there were also indications that the strong dollar and the drop in oil prices were depressing activity, which could argue for holding off on raising interest rates when the Federal Reserve meets September 16-17.
China's markets are closed both today and tomorrow, while the U.S. markets look forward to the Bureau of Labor Statistics' monthly jobs number, which could have an impact on where indexes go from here. In the meantime the indexes remain in a six-day rally attempt off of last Monday's lows.
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.