LandColt Trading had an awesome day in Chicago yesterday, but we're glad to be back at work here in Texas. Sorry, folks, for not reaching out yesterday, but our travels and conversations with investors kept us away from our computers.
But...not today! We'll make up for it with a barrage of posts to not only keep you in-the-know, but also very entertained.
Let's get started with the overseas action:
China managed to rebound after yesterday's 6.7% sell-off, and rose 0.6%, quieting fears that the Chinese bear was out of hibernation. The Hang Seng and Nikkei also saw solid gains.
August left us and there was a tear in our eye. After an awesome month that saw the S&P 500 advance 3.4% (the sixth monthly gain in a row), we enter September with a sense of pessimism. Hopefully, investors will turn their moods around with today's auto sales report, in addition to the big bopper standing on deck--the August jobs report!
But, in our opinion, the pessimistic reads we're seeing is based on history and has nothing to do with fundamentals. Here's a trivia question for you: On average, which month of the year is the worst performing month for stocks? If you guessed September, you are correct (February is the second worst). Since 1959, the "500" has loss 0.9% (February averages a 0.3% decline). In addition to tons of economic data, we'll also be hearing a lot of pre-earnings announcements, and this will be the catalyst to push equity values even higher. Stay tuned!
We have lots of other economic data on tap today with Construction Spending, ISM Manufacturing, Auto Sales (as mentioned above), and Pending Home Sales data. Be sure to check back often at http://LandColtTrading.blogspot.com for updates throughout the day.
Todd M. Schoenberger, Managing Director
LandColt Trading, Inc.