Joel Elconin – Post Jackson Hole The Bears Are In Control Of This Market
Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to recap Jerome Powell’s comments at Jackson Hole last Friday and the market reaction to the downside. Everything has turned lower over the past couple weeks with bears now back in the drivers seat. We also discuss P/E ratios, recent jobs data and the US Dollar rise.
Click here to visit Joel’s PreMarket Prep website to stay up to date on his market commentary.
Wall Street falls as job openings data adds to rate hike jitters
By Devik Jain and Sruthi Shankar – Reuters – Aug 30, 2022
“Wall Street’s main indexes fell on Tuesday as a sharp rise in job openings added to worries about the Federal Reserve’s aggressive approach to bring down inflation. The benchmark S&P 500 index has slumped 4.6% since Fed Chair Jerome Powell last week reaffirmed the central bank’s determination to raise interest rates despite a slowing economy.”
“Traders raised their bets on a third straight 75 basis points increase in September to 76.5% from 70% before the job openings data was released. Meanwhile, demand for labor showed no sign of cooling as data showed U.S. job openings rose to 11.239 million in July. All eyes are now on the August non-farm payrolls data on Friday.”
With inflation staying sticky into end of year…………………Powell has no choice but to throw the economy under the bus in the short term…………..even then stubborn inflation with anemic growth………..is Larry Summers and N. Roubini’s perfect storm for stagflation……………..sticking to energy ……….top pick TCF.V……….high growth nat gas in Turkey…………good website…
………also high div utilities top pick ETF ZWU.
Time to keep the helmet on in the trenches !
A good shot at a double top for UUP: