Raymond Merriman's Weekly Preview

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The U.S. economy grew at an annualized rate of 2.6 percent, matching Reuters' estimate. Meanwhile, consumer sentiment for July topped expectations at 93.4. The data comes just days after the Federal Reserve hinted it could start reducing its massive $4.5 trillion balance sheet in September, provided the economy behaves as expected. – Fred Imbert, “Dow Post Record Close as Wall Street Shakes Off...

Posted by in Raymond Merriman's Weekly Preview on July 21, 2017 .

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This week’s report I written before the close of Friday’s markets, due to travel plans

 

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The dollar hit a nearly two-year low against the euro, after the European Central Bank signaled it could start discussing in the fall a plan to pare back its bond purchases. The dollar was also under pressure because of concerns the Russian investigation could slow down tax reform and other pro-growth...

Posted by in Raymond Merriman's Weekly Preview on July 14, 2017 .

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JPMorgan Chase CEO Jamie Dimon expressed frustration at the U.S. federal government during the company's earnings conference call Friday. “It's almost embarrassing being an American citizen ... and listening to the stupid s--- we have to deal with in this country," Dimon said in response to an analyst question. "Since the Great Recession, which is now 8 years old, we've been growing at 1.5 to 2...

Posted by in Raymond Merriman's Weekly Preview on July 07, 2017 .

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The U.S. economy added a better-than-expected 222,000 new jobs in June and the unemployment rate held at 4.4 percent, according to a government report Friday. Economists surveyed by Reuters had been expecting nonfarm payrolls growth of 179,000 and the unemployment rate to be 4.3 percent. Wage growth, however, remained muted, with average hourly earnings rising 2.5 percent on an annualized basis,...

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Markets will be closed in the USA on Tuesday, July 4, in observance of the Independence Day Holiday.

 

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To succeed as president, Mr. Trump has to show he can govern, and it looks like that may require separating himself from a Republican Party disabled by a permanent blocking minority with no interest in governing. – Daniel Henninger, “Should Trump Abandon the GOP?” Wall Street Journal,...

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The Citi Economic Surprise Index hit a multiyear low Thursday…. The index is a widely followed indicator of how economic data are matching up to expectations, and the fact that it hit its lowest level since August 2011 has Chad Morganlander of Washington Crossing Advisors urging investors to start protecting their portfolios in light of a "deceleration of growth." "What we believe will be...

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“The periods of decline from the crest of the 18-year cycle to its trough at the end, has ranged from 2 months (the 1987 case) to 8 years. Since the Great Depression of 1932, there have been no declines from crest to trough that have lasted more than two years. Even the 90% decline into the Great Depression low of 1932 lasted less than 3 years (two years, 8 months). Prior to that – prior to the...

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Stocks hit record intraday highs earlier in the (Friday) session, as investors shook off a widely unexpected result to the general election in the United Kingdom. Prime Minster Theresa May's Conservative party lost its parliamentary majority in the process, coming up with 318 of 650 seats. Conservatives held a 17-seat majority before the contest. Some pollsters expected May's party to retain the...