This week’s blog post entails politicians using the debt ceiling as bargaining chips, the September jobs report has come in with disappointing news, and the Facebook/Instagram and WhatsApp crash that occurred earlier in the week.
Key News This Week:
Doom and gloom in the market
September jobs report
Facebook/Instagram and WhatsApp Crash
Captain Kirk returning to space
Read the Transcript
Welcome to my financial markets’ re-cap for the week.
I’m John Bannan, from Comhlatech.com.
Before we get to the news, a quick update on the system. It’s been a wild time of late, the expected pullback came but is it over?
Only time will tell. We managed to get through all the volatility without any loss until our last trade, we got caught in that one.
In saying that we remain well ahead of the markets this year and I am very bullish on the final quarter. We are also in a new forecasted position now and will be for a few days yet. More on that next week.
So that was the system update, what was the news this week?
The market opened the week in doom and gloom as the politicians on both sides tried to get their way and use the debt ceiling as a bargaining chip. Just the same old story.
However, the market rallied after it was announced that the Republicans agreed to a short-term 2-month stay of execution on the debt ceiling.
Raising it a further $480 billion, which should be enough to cover the US’ bills through Dec. 3rd.
That means we should expect more drama in Late November when they are at it again!
The big report this week was out today. The September jobs report came out this morning and it was a BIG disappointment. The economy added just 194,000 jobs in September, well below the analyst’s estimate of 500,000, the Labor Department reported.
However, on the positive side, the unemployment rate itself fell to a much lower point than economists forecast. At 4.8%, that’s the same level seen in late 2016. Plus, August’s jobs report miss was also revised up to 366,000 compared to the initial read of 235,000.
Add to this the fact that this disappointing report may slow down the Fed’s ideas on tapering, and you end up with a market rally from the lows.
Earlier this week, as tech stock was getting hammered, Facebook/Instagram and WhatsApp crashed and were down for a few hours. Causing all sorts of speculation and worries for tech investors. Thankfully, the system where restored and it was said to be just down to a malfunction, not a hack…. or so they say!
Lastly, I’ll finish with a fun fact:
Captain Kirk will boldly go where some men have gone before. William Shatner is boarding Blue Origin’s rocket and heading off to space next week for real. He will be the oldest person in space as he is now 90 years old. Good for him!
That’s it from me, it’s the weekend, time to down tools, have a great weekend and thanks for watching, take care and bye for now.