It was yet another inside day for the markets. This time around, the Dow Jones Industrials (INDU) took a backseat to the NASDAQ. It was for the most part, a day traders market.
I can’t promise anything better for today. That is before 7PM. After 7PM, most people will be focused on two events. First is the outcome of the final games of the regular season which could determine the outcome of the Yankee-Oriole battle for the American League East Championship. It could also result in a series of crazy playoff tie-breaker scenarios. Second is the Obama-Romney debate. The former should be more interesting while the later will have real market importance. Of course we have some economic news on the calendar such as the ADP (ADP) report, ISM Services, crude inventories and the FOMC minutes. I can’t get excited by any of those releases.
Other than the September labor report on Friday, you might as well hit the snooze button for the rest of the week and early next week. Earnings pre-announcements are likely over. Earnings season does not kick off till next Tuesday after the market closes. Frankly, I think that the September non-farm report is not as relevant as it might otherwise be to the markets since the FOMC has already taken action. In fact, when the report gets issued, I will be headed off to client visits in the Carolinas – North and South – for a few days, not returning to the office until next Thursday. I will be in touch from the road.
Disclosure: At the time of this commentary Scott Rothbort, his family and/or clients of LakeView AssetManagement, LLC was not long any stocks mentioned above — although positions can change at any time.
Scott Rothbort is also the publisher of the LakeView Restaurant & Food Chain Report, a newsletter focusing in on food, restaurant and agricultural stocks. You can subscribe at www.restaurantstox.com
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