FRIDAY’S MARKET: Sunset on Syria
Friday’s Market
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Market ETF
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September 13
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Year-to-Date
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SPDR S&P 500 (NYSE: SPY)
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+0.2%
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+18.9%
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SPDR Dow Jones (NYSE: DIA)
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+0.4%
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+17.7%
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PowerShares (Nasdaq: QQQ)
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+0.0%
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+19.7%
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Stocks edged cautiously higher to close out the week Friday, as the sun sets on Syria with the threat of conflict still lurking in the darkness. Comrade Putin’s blatant expression of the contempt we’ve always known him to have for the United States certainly did not help to ease the tension. In case you missed it, the oft-bare-chested communist commemorator penned a piece for the New York Times yesterday that irked everyone and his mother in Washington D.C. I think Betsy Ross turned over in her grave and reached for a flag blanket to warm up from the cool breeze puffed over by the Russian Premier.
Economic Events
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ECONOMIC REPORT SCHEDULE
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||
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Economic Data Point
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Prior Period
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Expected
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Actual
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FRIDAY
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|
|
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+0.4% (R)
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+0.5%
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+0.2%
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|
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-Less Autos & Gas
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+0.6% (R)
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+0.3%
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+0.1%
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+0.0%
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+0.2%
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+0.3%
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|
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-Core PPI
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+0.1%
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+0.1%
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+0.0%
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82.1
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82.0
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76.8
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|
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+0.1% (R)
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+0.3%
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+0.4%
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|
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-Sales
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+0.2%
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+0.6%
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The economic data on the day was disturbing in my opinion, because of what it verifies about the American consumer. Over the last couple months (call it a summer thing) both consumer sentiment and spending seems to have slipped some. I heard an “expert” blame it on a “fickle” consumer, but what exactly does that mean. Americans are fickle, yes, because they have been trained to buy sales and goods made overseas at ridiculously low cost not matching the income levels of most educated Americans. In other words, we made our own bed, so deal with quality and joblessness issues among our uneducated as a result… Those poor souls have to shop at Wal-Mart (WMT).
Looking at the details, the Reuters/University of Michigan Consumer Sentiment read showed a precipitous decline that was not expected by economists. However, sentiment does not always reflect upon real spending. Retail sales data does though, and it indicated a slowing pace of sales month-to-month in August. Sales only increased 0.2%, but to be fair, it was against a revised higher prior month; in other words, economists might have gotten it right had they had the correct basis to work from. But how accurate can a prognosticator be who simply bases his forecast growth off the prior figure, without contemplating the real factors behind the actual sales? I think you know the answer. Excluding autos and gasoline, sales only increased 0.1%, which was also far short of the revised prior month and the forecast of economists. The important takeaway here is that the absolute value of sales is not so dramatically off as the percentage change might imply, given the change in the prior month basis… so don’t sweat it too much.
Inflation data might disturb some, but please do not allow it to ruin your weekend. While the headline Producer Price Index gained by 0.3%, when excluding food and energy prices (which fluctuate wildly on occasions like the current turmoil in Syria presents), prices were about the same as the month before.
Investors can find something to celebrate in the Business Trade data, which reflected a stronger pace of sales growth than inventory growth, while also showing expansion in the economy. Is this adequately adjusted for seasonal issue? It’s hard to say, especially in dynamic environments like ours where secular, cyclical and seasonal factors can all come into play at once and inconsistently. If you don’t understand what I’m saying, don’t fret it, as it takes genius sometimes and satire always here to get things.
Overseas Markets
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EUROPE
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10:44 AM
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ASIA/PACIFIC
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CLOSE
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EURO STOXX 50
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-0.0%
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NIKKEI 225
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+0.1%
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German DAX
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+0.0%
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Hang Seng
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-0.2%
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CAC 40
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-0.0%
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S&P/ASX 200
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-0.4%
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FTSE 100
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-0.3%
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Korean KOSPI
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-0.5%
|
|
Bloomberg GCC 200 Mideast
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-0.0%
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BSE India SENSEX
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-0.3%
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International markets did not quite know what to do or say about Russian President Putin’s curiously critical op-ed piece in the New York Times. As a result, stocks are hedging their bets in Asia today, while Europe sort of staggers along after incorporating the news yesterday. I know what to make of Putin’s piece. Russia has been actively engaging in shaping global and American opinion through an intensive PR effort for years now, and Putin’s op-ed is actually intended to affect American public opinion regarding the American government’s actions in Syria and the Middle East generally, and beyond. What’s amazing about this effort is that up until now, the media does not even get it. Nobody does. That means it is working, so wake up fools and figure it out. Putin is controlling you, and so we will not eliminate Syria’s chemical weapons this year, while Syria at the same time receives some mystery load of weapons on its way, which probably includes land to sea missiles to handle our fleet. Seriously, wake up America because our modern day dominance will be decimated otherwise.
Commodity Markets (10:37 AM)
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WTI Crude
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-1.0%
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Brent Crude
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-0.7%
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NYMEX Natural Gas
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+0.7%
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RBOB Gasoline
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-0.6%
|
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Gold Spot
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-0.4%
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Silver Spot
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+0.3%
|
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COMEX Copper
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-0.4%
|
|
CBOT Corn
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-1.2%
|
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CBOT Wheat
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-1.7%
|
|
CBOT Soybeans
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-0.4%
|
|
ICE Cocoa
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+0.1%
|
|
ICE Sugar
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-0.9%
|
|
ICE Orange Juice Conc.
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+1.1%
|
|
CME Lumber
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+2.6%
|
|
CME Live Cattle
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+0.3%
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Petroleum is giving way now that pundit Putin is taking over the situation in Syria. All hail our conniving comrade? Really? Let’s try to get over it, shall we? The weather is going to swing trade in agriculture here through the conclusion of hurricane season and as temperatures change. I’m not sure what is moving lumber prices today, but I’m confident it’s not the boardwalk fire in Jersey, or are there just too many Jersey traders with too much money to move...
Corporate Events
Earnings season has officially fizzled out here at the close of summer and start of September, as evidenced by the light list of reporters this day.
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REPORTING EARNINGS
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Company
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Ticker
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THURSDAY
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RF Industries
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Nasdaq: RFIL
|
|
Brady
|
NYSE: BRC
|
|
Progressive
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NYSE: PGR
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NetSol Technologies
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Nasdaq: NTWK
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Kroger
|
NYSE: KR
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TRC Companies
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NYSE: TRR
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Point360
|
Nasdaq: PTSX
|
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Lakeland Industries
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Nasdaq: LAKE
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Marrone Bio Innovations
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Nasdaq: MBII
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Analogic
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Nasdaq: ALOG
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|
Cherokee
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Nasdaq: CHKE
|
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Ulta Salon
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Nasdaq: ULTA
|
|
Crossroads Systems
|
Nasdaq: CRDS
|
|
United Natural Foods
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Nasdaq: UNFI
|
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LifeVantage
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Nasdaq: LFVN
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FRIDAY
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|
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Ocean Power Technologies
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Nasdaq: OPTT
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Comarco
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Nasdaq: CMRO
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MOST ACTIVE STOCKS
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BIGGEST GAINERS
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% Gain
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Hastings Entertainment (Nasdaq: HAST)
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+38%
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Lakeland Industries (Nasdaq: LAKE)
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+37%
|
|
Promotora De Informaciones (Nasdaq: PRIS)
|
+31%
|
|
ViroPharma Inc. (Nasdaq: VPHM)
|
+25%
|
|
Rockwell Medical (Nasdaq: RMTI)
|
+20%
|
|
Cell Therapeutics (Nasdaq: CTIC)
|
+20%
|
|
Coeur D’Alene Mines (NYSE: CDE.WT)
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+19%
|
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Blyth (NYSE: BTH)
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+18%
|
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Ulta Salon (Nasdaq: ULTA)
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+18%
|
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Reliv International (Nasdaq: RELV)
|
+16%
|
|
BIGGEST LOSERS
|
% Drop
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Prime Acquisition (Nasdaq: PACQ)
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-33%
|
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Crossroads Systems (Nasdaq: CRDS)
|
-19%
|
|
Arotech Corporation (Nasdaq: ARTX)
|
-18%
|
|
Avanir Pharmaceuticals (Nasdaq: AVNR)
|
-18%
|
|
ERBA Diagnostics (NYSE: ERB)
|
-16%
|
|
Galena Biopharma (Nasdaq: GALE)
|
-15%
|
|
Prana Biotechnology (Nasdaq: PRAN)
|
-12%
|
|
Paragon Shipping (Nasdaq: PRGN)
|
-13%
|
|
Mannatech (Nasdaq: MTEX)
|
-10%
|
|
DragonWave (Nasdaq: DRWI)
|
-11%
|
Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.
Labels: Global Affairs Geopolitics, Market-Outlook, Market-Outlook-2013-Q3
posted by The Greek | 4:31 PM
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