Bullish

Why the Bullish Argument Got Slightly Weaker Last Week

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What’s in Today’s Report:

  • Why the Bullish Argument Got Slightly Weaker Last Week
  • Weekly Market Preview:  Does Goldilocks Data Keep the Rally Going?
  • Weekly Economic Cheat Sheet:  The “Big Three” Monthly Economic Reports this Week

Futures are solidly higher following a quiet weekend and despite no progress on averting a government shutdown.

Chances of a partial government shutdown starting Wednesday are rising and if that occurs, the biggest impact for markets will be via delayed data (possibly including Friday’s jobs report).

There were no material economic reports overnight.

Today focus will be on any progress on averting a shutdown (a shutdown wouldn’t be a material market negative, but it’s definitely something the market could do without).

Economically, the only notable report is Pending Home Sales (E: 0.2%) while there are several Fed speakers:  Hammack (8:00 a.m. ET), Musalem & Williams (1:30 p.m. ET).  Bottom line, solid data and dovish Fed speak is what the market needs not just today, but all week, to rebound from last week’s declines.

 

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