Current Events: The controversial decision made by the Federal Open Market Committee on September 13th to begin an open-ended program of monthly purchases of $40 billion in mortgage-backed securities has witnessed its ups and downs since its announcement. While substantial gains were witnessed upon announcement, some question if the recent slide is a sign of what is to come.
What to Look for This Week
A slew of housing data coupled with earnings reports from popular names, such as Nike and Carnival Cruise Lines, will keep traders and investors focused on U.S. matters this week. Key data on the health of the U.S. consumer will also provide insight on the overall economy.
News Affecting the Markets
Not all have received the recent decisions of central banks around the world to pursue quantitative easing favorably. This week UBS chairman, Alex Weber, spoke out negatively on such moves, going as far as to say central bank action to support economies by printing money is distorting market prices and may create asset bubbles. While the U.S. Fed's decision to go ahead with QE3 immediately sparked massive gains across all major indexes, many question if such a drastic move is warranted, authentic, and sustainable.
Smart Investing
Riding the ETF Boom: Advisors and specialized investors are motivating the growth of exchange traded funds (ETFs), one of the newest investment tools. The investment community has described exchange traded funds (EFTs) as the most successful financial product in the past two decades, and the gap between unlisted managed funds and listed ETFs will undoubtedly narrow in coming years. Product innovation, a desire for more transparent, low-cost products, and greater use of ETFs by financial advisers is driving growth. With global ETFs assets topping $1 trillion (US) for the first time, it's clear that investor interest in exchange traded funds is swelling. Global ETF assets have continued to grow despite the financial crisis and subsequent rally. Experts say there are no signs that investor interest in ETFs is fading and that investors are finding ETFs are products that work well in every market environment.
Earnings for the Week
Monday: Lennar Corp (LEN), Red Hat Inc (RHT) {after the close}
Tuesday: Carnival Corp (CCL), Jabil Circuit Inc (JBL) {after the close}
Wednesday: Worthington Industries Inc (WOR) {after the close}
Thursday: Accenture PLC (ACN), Discover Financial Services (DFS), Global Payments Inc (GPN) {after the close}, McCormick & Company Inc (MKC), Micron Technology Inc (MU), Nike Inc (NKE) {after the close},
Friday: No major announcements.
* Earnings dates and times are subject to change
Economic Data this Week
Monday
No scheduled announcements.
Tuesday
Case-Shiller 20-city Index @ 9:00 AM for July (Est. = 0.8% to 1.5%, Actual = 1.2%)
Consumer Confidence @ 10:00 AM for September (Est. = 62.0 to 63.0, Actual = 70.3)
FHFA Housing Price Index @ 10:00 AM for July (Est. = n/a, Actual = 0.2%)
Wednesday
MBA Mortgage Index @ 7:00 AM for 09/22 (Est. = n/a, Prior = -0.2%)
New Home Sales @ 8:30 AM for August (Est. = 380K to 390K, Prior = 372K)
Crude Oil Inventories @ 10:30 AM for 09/22 (Est. = n/a, Prior = 8.534M)
Thursday
Initial Claims @ 8:30 AM for 09/22 (Est. = 379K to 380K, Prior = 382K)
Continuing Claims @ 8:30 AM for 09/15 (Est. = 3270K to 3300K, Prior = 3272K)
Durable Orders @ 8:30 AM for August (Est. = -5.0% to -6.5%, Prior = 4.1%)
Pending Home Sales @ 10:00 AM for August (Est. = 0.5% to 2.05, Prior = 2.4%)
Friday
Personal Income @ 8:30 AM for August (Est. = 0.1% to 0.2%, Prior = 0.3%)
Personal Spending @ 8:30 AM for August (Est. = 0.5% to 0.6%, Prior = 0.4%)
Chicago PMI @ 9:45 AM for September (Est. = 52.0 to 52.9, Prior = 53.0)
Michigan Sentiment @ 9:55 AM for September (Est. = 79.0, Prior = 79.2)
What to Look for This Week
A slew of housing data coupled with earnings reports from popular names, such as Nike and Carnival Cruise Lines, will keep traders and investors focused on U.S. matters this week. Key data on the health of the U.S. consumer will also provide insight on the overall economy. News Affecting the Markets
Not all have received the recent decisions of central banks around the world to pursue quantitative easing favorably. This week UBS chairman, Alex Weber, spoke out negatively on such moves, going as far as to say central bank action to support economies by printing money is distorting market prices and may create asset bubbles. While the U.S. Fed's decision to go ahead with QE3 immediately sparked massive gains across all major indexes, many question if such a drastic move is warranted, authentic, and sustainable.
Smart Investing
Riding the ETF Boom: Advisors and specialized investors are motivating the growth of exchange traded funds (ETFs), one of the newest investment tools. The investment community has described exchange traded funds (EFTs) as the most successful financial product in the past two decades, and the gap between unlisted managed funds and listed ETFs will undoubtedly narrow in coming years. Product innovation, a desire for more transparent, low-cost products, and greater use of ETFs by financial advisers is driving growth. With global ETFs assets topping $1 trillion (US) for the first time, it's clear that investor interest in exchange traded funds is swelling. Global ETF assets have continued to grow despite the financial crisis and subsequent rally. Experts say there are no signs that investor interest in ETFs is fading and that investors are finding ETFs are products that work well in every market environment.
Earnings for the Week
Monday: Lennar Corp (LEN), Red Hat Inc (RHT) {after the close}
Tuesday: Carnival Corp (CCL), Jabil Circuit Inc (JBL) {after the close}
Wednesday: Worthington Industries Inc (WOR) {after the close}
Thursday: Accenture PLC (ACN), Discover Financial Services (DFS), Global Payments Inc (GPN) {after the close}, McCormick & Company Inc (MKC), Micron Technology Inc (MU), Nike Inc (NKE) {after the close},
Friday: No major announcements.
* Earnings dates and times are subject to change
Economic Data this Week
Monday
No scheduled announcements.
Tuesday
Case-Shiller 20-city Index @ 9:00 AM for July (Est. = 0.8% to 1.5%, Actual = 1.2%)
Consumer Confidence @ 10:00 AM for September (Est. = 62.0 to 63.0, Actual = 70.3)
FHFA Housing Price Index @ 10:00 AM for July (Est. = n/a, Actual = 0.2%)
Wednesday
MBA Mortgage Index @ 7:00 AM for 09/22 (Est. = n/a, Prior = -0.2%)
New Home Sales @ 8:30 AM for August (Est. = 380K to 390K, Prior = 372K)
Crude Oil Inventories @ 10:30 AM for 09/22 (Est. = n/a, Prior = 8.534M)
Thursday
Initial Claims @ 8:30 AM for 09/22 (Est. = 379K to 380K, Prior = 382K)
Continuing Claims @ 8:30 AM for 09/15 (Est. = 3270K to 3300K, Prior = 3272K)
Durable Orders @ 8:30 AM for August (Est. = -5.0% to -6.5%, Prior = 4.1%)
Pending Home Sales @ 10:00 AM for August (Est. = 0.5% to 2.05, Prior = 2.4%)
Friday
Personal Income @ 8:30 AM for August (Est. = 0.1% to 0.2%, Prior = 0.3%)
Personal Spending @ 8:30 AM for August (Est. = 0.5% to 0.6%, Prior = 0.4%)
Chicago PMI @ 9:45 AM for September (Est. = 52.0 to 52.9, Prior = 53.0)
Michigan Sentiment @ 9:55 AM for September (Est. = 79.0, Prior = 79.2)
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