As a kid, I always remember the day after Labor Day signaling a new school year. Even in College at the University of Maryland, fall classes always started the Tuesday following Labor Day. And then, in my 20s, the beach house my friends and I rented for the summer would come to an end on that final Monday, only to launch us into the fall getting ready for tailgates and good times in College Park.
As an adult financial professional, today marks another new beginning. A sense of fresh will is available, if we want it. Now, the markets had an awesome summer, but we come into today with an entire lineup of items that can dramatically shift the position of the markets for the remainder of the year.
Think about it: pre-earnings announcements begin this week; O'Bs big speech tomorrow night (I'm not even going to discuss the school speech scheduled for today); September employment and retail sales. Oh yeah, let's throw in housing on there as well. Add in inflation data and more health care reform conversations, and you can count on a manic market. Actually, soon we'll be able to call it a Jim Cramer market. ;)
So, for now, let's take a quick look at the overseas boxscore, which kicks-off our 'new beginning':
China continues to dominate performance, advancing another 1.7% last night. The Hang Seng also rocked with a 2.1% advance and the Nikkei got into the party by rallying 0.7%. It explains the strong start for the U.S. futures. As of this writing, S&P 500 futures are up 10.00 points.
Also, note the action in commodities: Gold crossed the $1,000 mark--up $9.50; and oil is rallying by $1.60 to a trade just shy of $70/bbl.
Not a ton of data releases this week, but the ones on tap are incredibly influential. Consumer Credit is released today; Fed Beige Book is tomorrow; U of Michigan Confidence print is out Friday; and don't forget jobless claims data is out Thursday.
Check back throughout the day for more updates (and tell your friends).
Talk to you,
Todd M. Schoenberger, Managing Director
LandColt Trading, Inc.
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