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Market Movers

September 7, 2010 – 5:05 pm

After last week’s blizzard of economic statistics that sent the indexes sharply higher for the first few days of September this week will have a dearth of reports.

July was a strong market month and August was weak so September is on everyone’s mind with a history of being the worst month of the year. You have to wonder if traders and investors anticipated September by selling off in August. Of course the statistics poured out painful porridge in August whereas last week the numbers
produced a calming effect as they indicated a slower economy and not one that is still weakening.

On tap this week are few data points on the economy, a significant departure from last week’s overload. However, one report will be spotlighted and that will be July’s trade data. In June there was a huge import/export imbalance, where imports swamped exports though exports rose almost 10%. Those massive imports did not show up as an increase in inventory so this week’s data is going to be interesting. It is likely imports will return to a more normal level. Traders will be watching closely.

What will drive markets this week might be more merger activity, or retail sales that improve or not, or maybe something other than here in the U.S.; for instance European banks being weaker than expected are affecting this mornings market. Next month starts earnings season again. That is always a market mover but that is weeks away. Maybe it will be the Obama new stimulus package. I doubt that will move the market but then of course anything is possible.

Good Trading
Steve Peasley

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