We’ve exited a seasonally weak August and essentially are over halfway through September – time flies. The market appears, to at times, ignore geopolitical issues and then at other times become very reactive. Over time and with repetition the market simply decides to become desensitized to the same old news.
What we did observe Friday was that the Federal Reserve Bank of Atlanta significantly lowered its projections for GDP in the third quarter from 3.0 to 2.2 – that should add to the tepidness of the market. This could be due to the hurricanes effecting economic growth.
Some of this weeks economic news that can move the markets include: Housing Market Index 10AM Monday; Housing Starts and Import Export Prices 8:30AM Monday; Wednesday is full with Existing Homes Sales 10AM, EIA Petroleum Report 10:30AM, FOMC Meeting Announcement 2PM, and Fed Chair Conference at 2:30PM; Thursday 0830 we will hear the Jobless Claims; and Friday the PMI Composite Flash at 09:45AM.
In addition to the economic news, we will see continued reaction to geopolitical news, concerns of Fed rate hikes, and inflation. But we are still in a bull market looking for actionable dips.