Wall Street Cheered Overseas Markets And Rebounded
$DIA, $SPY, $QQQ
US stocks ended higher Wednesday, as Wall Street cheered the strong rebound in overseas stock markets, but could not avoid its 2nd consecutive monthly decliner and all indexes are still overall Bearish to Very Bearish in here, the market trend is to the Southside.
DJIA +235.57 at 16284.70, Nasdaq +102.84 at 4620.16, S&P 500 +35.93 at 1920.02
Volume: trade was well above average as more than 1-B/shares changing hands on the NYSE.
In Asia, Japanese stocks rose 2.70% Wednesday, as investors moved to reclaim Tuesday’s steep losses on speculation that a surprise downturn in Japanese industrial production may push the Bank of Japan (BOJ) closer to further monetary easing.
Chinese shares closed higher Wednesday, the last trading day before the country’s 7-day National Day holiday, with the benchmark Shanghai Composite Index up 0.48%.
European equities rose Wednesday following a positive lead from Asia overnight, with French benchmark index CAC 40 + 2.57%, as the stabilization in commodities soothed anxious participants.
On the economic front
US private sector employment added 200,000 jobs from August to September, beating market consensus of 190,000, according to the September ADP National Employment Report released Wednesday.
The ADP figure is watched closely as a pre-indicator for the nonfarm payrolls report due Friday.
Meanwhile, the Chicago Business Barometer declined 5.7 pts to 48.7 in September, well below market estimates, according to the ISM-Chicago Business Survey Wednesday.
Despite Wednesday’s market rally, the 3 US major market indexes still saw big losses on the month, with the Dow, the S&P 500 and the Nasdaq falling 1.5%, 2.6% and 3.3% respectively.
- NAS 100 -2.5% YTD
- S&P 500 -6.8% YTD
- DJIA -8.6% YTD
- Russell 2000 -8.6% YTD
The CBOE Volatility Index (VIX) fell 8.68%to end at 24.50 Wednesday.
| HeffX-LTN Analysis for DIA: | Overall | Short | Intermediate | Long |
| Bearish (-0.31) | Bearish (-0.28) | Bearish (-0.33) | Bearish (-0.31) |
| HeffX-LTN Analysis for SPY: | Overall | Short | Intermediate | Long |
| Bearish (-0.45) | Bearish (-0.35) | Bearish (-0.44) | Very Bearish (-0.56) |
| HeffX-LTN Analysis for QQQ: | Overall | Short | Intermediate | Long |
| Bearish (-0.28) | Bearish (-0.26) | Bearish (-0.35) | Neutral (-0.24) |
| HeffX-LTN Analysis for VXX: | Overall | Short | Intermediate | Long |
| Bullish (0.25) | Neutral (-0.05) | Bullish (0.35) | Bullish (0.43) |
Stay tuned…
HeffX-LTN
Paul Ebeling
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