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Momentum is Shifting on Wall Street

Momentum shifted last week from the bull side to the bear side on Wall Street. The "buying in the dips" mentality was replaced by the “selling in the peaks” mentality, setting...
Momentum is Shifting on Wall Street © Reuters Momentum is Shifting on Wall Street

Momentum shifted last week from the bull side to the bear side on Wall Street. The "buying in the dips" mentality was replaced by the “selling in the peaks” mentality, setting major market averages on a downtrend, especially on Friday, when all major indexes (S&P 500; Dow Jones Industrial Average; Nasdaq) lost close to 0.80 percent of their value.

What's behind this shift in momentum on Wall Street? The fear of an impending economic slowdown due to anemic job growth. According to the U.S. Bureau of Labor Statistics early this month, the U.S. economy added two hundred thirty-five thousand jobs in August, down from 1.1 million added in July.

More recently, the August University of Michigan's consumer sentiment, which came in at 70.3, added to growth concerns. That's the lowest reading over a decade, as consumers grow more pessimistic as personal financial prospects continue to worsen due to smaller income gains amid cuts in unemployment benefits.

Low consumer sentiment isn't a good sign for the consumer sector, which is already under pressure, as evidenced by weak July retail sales. Moreover, consumer spending counts toward more than two-thirds of the U.S. GDP, meaning that the economic recovery is at risk should this trend continue.

Then there's inflation, which is turning into a real problem for consumers and investors. For example, August producer prices in the United States increased at an annual rate of 8.30 percent. That's four times higher the Fed's official inflation target and the highest reading since at least November of 2010. Producer prices represent the selling prices of domestically produced items.

The firm inflation numbers released in recent months begin to undermine the Fed's assumption that inflation is transitory rather than persistent, meaning the nation's central bank may have to taper sooner rather than later or risk losing credibility in the debt markets. Already, the 10-year Treasury bond yields have been heading north, as lenders are reluctant to lend money to the U.S. government as inflation persists.

Plus, there are growing concerns that the dominant position of technology giants could be challenged in court by smaller technology companies and regulators. For instance, a court ruling in the Epic Games Apple (NASDAQ:AAPL) dispute could result in Apple (APPL) losing billions of dollars of revenue.Moreover, the ruling could further hurt Google's revenues (NASDAQ:GOOGL), which is worrisome because both of those stocks make up a big chunk of major equity indexes.

Meanwhile, there are equity market valuations, which are overstretched, no matter which matrix is used. That's especially so if the economy slows down and earnings growth doesn't keep up with share price growth.

Also, there are seasonal jitters, adding to investor anxiety. Autumn is usually a turbulent season for Wall Street. Some major crashes have happened in autumn, including a 10% correction last September and the 1929 and 1987 crashes in October.

While it's unclear whether these factors will turn a one-week bear trend into a multi-week bear trend, ending the multiyear bull market, one thing is clear: volatility will continue on Wall Street, separating the value from vice.

Disclosure: At the time of publication, Panos Mourdoukousas had a position in the securities mentioned in this article.

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18-09-2021 01:20:24 (UTC+7)

EUR/USD

1.1727

-0.0037 (-0.31%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (8)

EUR/USD

1.1727

-0.0037 (-0.31%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (8)

GBP/USD

1.3737

-0.0051 (-0.37%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

USD/JPY

109.95

+0.25 (+0.23%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (0)

AUD/USD

0.7269

-0.0020 (-0.27%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (8)

USD/CAD

1.2754

+0.0073 (+0.58%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (3)

EUR/JPY

128.93

-0.12 (-0.09%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (4)

EUR/CHF

1.0932

+0.0021 (+0.19%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

Gold Futures

1,751.25

-5.45 (-0.31%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (11)

Silver Futures

22.358

-0.436 (-1.91%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (6)

Copper Futures

4.2438

-0.0377 (-0.88%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (8)

Sell (1)

Crude Oil WTI Futures

71.88

-0.68 (-0.94%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Brent Oil Futures

75.25

-0.42 (-0.56%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

Natural Gas Futures

5.120

-0.215 (-4.03%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (4)

Sell (3)

US Coffee C Futures

186.75

-1.40 (-0.74%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (5)

Sell (3)

Euro Stoxx 50

4,130.84

-39.03 (-0.94%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (2)

S&P 500

4,432.20

-41.56 (-0.93%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

DAX

15,490.17

-161.58 (-1.03%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (2)

FTSE 100

6,963.64

-63.84 (-0.91%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (8)

Sell (1)

Hang Seng

24,920.76

+252.91 (+1.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (0)

US Small Cap 2000

2,223.00

-13.28 (-0.59%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (2)

Sell (5)

IBEX 35

8,760.90

+27.20 (+0.31%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

BASF SE NA O.N.

63.085

-2.125 (-3.26%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Bayer AG NA

45.07

-0.57 (-1.25%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Allianz SE VNA O.N.

190.23

-2.24 (-1.16%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Adidas AG

281.60

-3.70 (-1.30%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (6)

Deutsche Lufthansa AG

8.210

+0.209 (+2.61%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (1)

Siemens AG Class N

148.76

-1.28 (-0.85%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Deutsche Bank AG

11.080

-0.025 (-0.23%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (0)

Sell (8)

    EUR/USD 1.1727 ↑ Sell  
    GBP/USD 1.3737 ↑ Sell  
    USD/JPY 109.95 ↑ Buy  
    AUD/USD 0.7269 ↑ Sell  
    USD/CAD 1.2754 ↑ Buy  
    EUR/JPY 128.93 ↑ Sell  
    EUR/CHF 1.0932 ↑ Buy  
    Gold 1,751.25 ↑ Sell  
    Silver 22.358 ↑ Sell  
    Copper 4.2438 ↑ Buy  
    Crude Oil WTI 71.88 ↑ Buy  
    Brent Oil 75.25 ↑ Buy  
    Natural Gas 5.120 Neutral  
    US Coffee C 186.75 Buy  
    Euro Stoxx 50 4,130.84 ↑ Buy  
    S&P 500 4,432.20 ↑ Sell  
    DAX 15,490.17 ↑ Buy  
    FTSE 100 6,963.64 ↑ Buy  
    Hang Seng 24,920.76 ↑ Buy  
    Small Cap 2000 2,223.00 Sell  
    IBEX 35 8,760.90 ↑ Sell  
    BASF 63.085 ↑ Sell  
    Bayer 45.07 ↑ Sell  
    Allianz 190.23 ↑ Sell  
    Adidas 281.60 ↑ Sell  
    Lufthansa 8.210 Neutral  
    Siemens AG 148.76 ↑ Sell  
    Deutsche Bank AG 11.080 ↑ Sell  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,600/ 5,665
(0/ 0) # 809
SJC HCM5,600/ 5,665
(0/ 0) # 810
SJC Hanoi5,600/ 5,667
(0/ 0) # 812
SJC Danang5,600/ 5,667
(0/ 0) # 812
SJC Nhatrang5,600/ 5,667
(0/ 0) # 812
SJC Cantho5,600/ 5,667
(0/ 0) # 812
Cập nhật 18-09-2021 01:20:26
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ↀ Giá vàng thế giới
$1,750.35 -3.78 -0.22%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩm Vùng 1 Vùng 2
RON 95-IV2149021910
RON 95-II,III2139021810
E5 RON 92-II2014020540
DO 0.05S1602016340
DO 0,001S-V1637016690
Dầu hỏa1508015380
ↂ Giá dầu thô thế giới
WTI $71.87 -0.45 -0.62%
Brent $75.26 -0.47 -0.62%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.640,0022.870,00
EUR26.118,3927.477,69
GBP30.621,6331.901,01
JPY202,13213,83
KRW16,7120,34
Cập nhật lúc 18:53:14 17/09/2021
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