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- Friday September 13 @ 9:00am
Friday September 13 @ 9:00am
KevinD
September 13, 2024
"Price is what you pay. Value is what you get."
📺️ Programming Note
On Fridays during the summer we’ll be publishing a condensed version of our regular newsletter. Economic and earnings events for the day, along with some brief commentary will be included, however, we will not be able to cover overnight and pre-market action. Enjoy your weekend!
💵 Economic Reports and Events Today
Consensus forecasts shown
8:30am Import Prices m/m: -0.2% expected, 0.1% previous. Measures changes in the prices of imported goods into the country. (link)
10:00am Prelim UoM Consumer Sentiment: 68.3 expected, 67.9 previous. The University of Michigan's preliminary estimate of consumer sentiment based on surveys of personal finance and business conditions. (link)
10:00am Prelim UoM Inflation Expectations: 2.8%. The University of Michigan's preliminary gauge of consumers' inflation expectations over the next 12 months. (link)
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
None
As earnings season winds down, we’re entering a quieter period with fewer high-profile releases over the next few weeks. While there are still some important reports to watch, the pace will be much slower compared to recent weeks. Earnings season kicks off again on October 11 when big banks begin reporting.
Pre-Market Monday:
None
💬 Commentary
The market's four-day rally continued with solid gains across major indices, showing increasing breadth as small caps joined the move higher. SPY rose 0.8%, QQQ added 1%, and IWM led with a respectable 1.3% gain, highlighting renewed interest in smaller cap stocks. Gold surged 1.5% into new all-time highs, but the standout performer was silver, with a 4% rally, breaking through a key level.
Sector-wise, communications led the charge with a 1.9% gain, followed by consumer discretionary, up 1.1%. Although financials, REITs, and utilities lagged behind, they still managed gains between 0.2% and 0.6%.
Today, the rally very likely extends further, with broader participation and improving breadth. However, given the upcoming FOMC meeting next week, where the market is pricing in a 59% probability of a 25bps cut and 41% for a 50bps cut, we may see some profit-taking and rotation as traders position for a potentially volatile week ahead.
⛵ When you’re ready…
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A powerful yet simple fundamental analysis tool: Stock Unlock
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Analyze trade ideas with me, KevinD, in live calls: My trading group
#1 charting software for serious traders: TradingView
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