AUTHOR: TOWNE SCHERER.COM/BLOG10/5/2019: TowneScherer Private Wealth Management BLOG:
Economic Data Throwing Some Punches
A report that showed hiring by US companies slowed more than economists expected last month, with mining and manufacturing particularly weak, resulted in a market pullback this week, reports the Boston Globe 10/2/2019. This came on the heels of a reading that showed US manufacturing experiencingthe sharpest contraction in a decade. Adding to the market’s volatility was a ruling by the World Trade Organization that allows the United States to impose tariffs on up to $7.5 billion of goods from the European Union to make up for illegal subsidies given to a plane-maker of a European multinational aerospace company. The Trump administration announced it would begin them on Oct. 18.
Relative Strength Weather Indicators...
Domestic Equities (DE) continues to lead all asset classes according to Dorsey Wright’s (DR)D.A.L.I. ranking system 10/2/2019. Within the DE the top asset classes are Large-Cap Growth, Mid-Cap Growth and Small-Cap Growth. Within the asset classes, Technology continues to be at the top of the leader board with a whopping 218 score. On the other hand, Fixed Income is in third place with Cash in fifth place, suggesting that the bull market is not done with us yet. But...there are definitely areas of the market to be trending to and others to be trending away from...like a change in the weather.
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The opinions expressed in this material do not necessarily reflect the views of LPL Financial and based on the political content of this material are for general information only and are not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in this material may not develop as predicted. All indices are unmanaged and may not be invested into directly.
Russell E. Towne, LPL Financial Advisor, is a registered representative with and Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC.