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Enough, dow dipping 22 points, s p rising 0. 04 , nasdaq advancing 0. 24 , lets face some facts here. We are fraught with expectations that may or may not pan out on the side of the bulls this week. First lets just deal with what i call the setup. For weeks now weve seen group after group move up. You know that. The health cares, the barnks, te insurers, the Home Builders, the industrials, the techies, so much others. Look, it has been quite a bull market. But last week, last week stalled out, and there are myriad stocks that look like theyre topping or cant get much further without some sort of good news happening, which is certainly possible. But worse, i see contradictions. I see historic moves that are based on false preconceptions 0er an atmosphere that maybe lets call it a tad too bullish for my taste. Lets start with my biggest worry, the feds meeting on wednesday. Now, last week i said bring them on. Bring on the rate hikes ....
Much about on the campaign trail. It shows the race much closer, in fact, a couple of days ago he had the lead. In the most recent version it comes out every day at 6 00 in the morning, were now in day seven, the Hillary Clinton with a onepoint advantage over donald trump. That is much smaller, obviously, than what we saw in the average of what weve seen in other polls. Dont dismiss this out of hand. I know some people are as we look at a chart of it since it began. This is, as i said, day number seven. The trends are in fave of mrs. Clinton, theyre her friend. Instead of being down two, shes up one. Still margin of error stuff in this poll. Shes been doing better in the south, among moderates, so it is trending in her direction. But polls like this are outliers, and a lot of people will ask questions, how do they compare to other polls like abc or cnn which showed her up by five points. You know, we dont necessarily find any iss ....
Overs. But today the dow roared, the s p rocketed. And the nasdaq. We have another phenomenon at work. And its called rerating. Something when one Company Gives us a newfound positive. Were basically upgrading stocks from hold to buy mentally. Now today we had a whole host of reratings. It colored the whole tape so to speak. Its true that we cant go poof, or voila. You need a special backdrop to make the magic happen. Its all been done by analogy. Its about being willing to buy something at a higher price, because you think yesterdays price was just plain too low for that enterprise. Amazing a few days after the brexit vote, which we were told would be the end of the financial world, at least as we know it, we have the backup thats necessary for a rerate. Investors are now realizing maybe they were a little bit too headstrong about dumping stocks wholesale. Sure, the United Kingdo ....
Growth and uncertain growth. The aussie dollar is falling sharply on that news. Australian stocks, on the other hand, rallying more than 2 on the news. In asia, japans markets were closed for the Constitution Day holiday. Chinas Managers Index shrinking to a 14month for its 14th month coming in below forecasts. A bit of a mixed picture. Shanghai compost up 2 . And hang seng almost the lower. All eyes on . Yeah, go for it. Moving forward, in pretty negative territory. And germany is lower than 2. Ftse lower than 1 . Italy and spain off by more than 2 perhaps because the eu trimming its 2016 growth forecast to 1. 8 from 1. 9 . Its 2017 growth forecast from 1. 9 to 2 . Also cut Inflation Forecasts despite their efforts to do Everything Possible to try to li ....
Travellers, withdrew nighted technologies and verizon among many other major companies. As for the economy, one important report of note. September Housing Starts and Building Permits out at 8 30 eastern time. Okay. We have a couple of stories were watching this morning. Apple ceo tim cook making a couple of headlines at a Big Technology conference in california. The tech giants new Music Streaming Service has reached more than 6. 5 million paid users. Another 8. 5 million are participating on the free trial. Are you still free trial. I dont know. I dont know if its been three months or not. Maybe not. My son downloaded 59 songs and three albums. And its good. Its alternative but its good. I got all new stuff to listen to. My music life is good. Changed. ....