“If next week’s data comes in firm and shows us that this economy isn’t losing momentum, then that will likely provide a big confidence boost to stocks, and could help support a rebound,” said Tom Essaye, president of the Sevens Report.
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Tom Essaye, Founder of The Sevens Report, joined Bryan Curtis and David Ingles on Daybreak Asia, reacting to today’s U.S. equity sell off. To listen to the entire clip go here
“The stock market is relentless in asking the question, ‘What’s next?’ ” says Tom Essaye, founder of the “Sevens Report,” a financial newsletter. “The idea of ‘peak everything’ is a legitimate one. There is a fear that … while things are great right now, it’s as good as it gets.”
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“Yesterday’s tech weakness, even if it just part of a healthy pullback in an extended sector, does set up a potential danger spot for stocks over the coming days,” says Tom Essaye of The Sevens Report, noting tech has powered stock gains this year even in the face of trade uncertainty.
“Gordon largely turned out to be a non-event for the energy market, and if anything, the sell-the-news aspect of the tropics trade has triggered a profit-taking pullback across the space,” says Tyler Richey of the Sevens Report.
Oil prices settled on Wednesday at their lowest levels in about a week as a major storm that passed through the Gulf of Mexico missed the bulk of the oil and natural-gas operations in the region.
“Gordon largely turned out to be a non-event for the energy market, and if anything, the sell-the-news aspect of the tropics trade has triggered a profit-taking pullback across the space,” said Tyler Richey, co-editor of the Sevens Report.
Read the full article here.
Tom Essaye, Founder, The Sevens Report, joined Bryan Curtis and David Ingles on Daybreak Asia to discuss the deal on trade with Mexico and the outlook for a resolution with China. He goes onto Fed hikes, how close they are to neutral and when the yield curve may invert.
Tom Essaye, editor of the Sevens Report, was on CNBC, says “a lot more has to happen” for U.S. President Donald Trump to be impeached.
We always need a story to tell about why the market is heading higher, and the one that’s making the rounds this morning is about the dollar. In an interview, President Donald Trump criticized the U.S. Federal Reserve for raising interest rates, and that has added uncertainty to what had been all but certain. As a result, the U.S. Dollar Index has dropped 0.2% today because one way a currency gains value against another is by being from a country where rates are anticipated to be higher. And a weaker dollar is supposed to be helping risk appetite in the U.S. and abroad. “Those comments mostly affected the dollar (pushing it lower), which on a longer time frame is bullish for stocks,” writes The Sevens Report’s Tom Essaye.
