Sethi Associates

 Daily Summary – September 29, 2021 - No Bounce for Big Tech Please excuse typos.  As a side note, after talking with some followers, I'm going to try to make this a little more digestible for those who are not as familiar with the markets, lingo, etc.  Feel free to leave your thoughts in the comments section, they are appreciated.  Also, don't discuss crypto much as I'm still not that familiar with it. Also starting a small glossary to help.   SPX = S&P 500  Naz = Nasdaq Composite NDX = Nasdaq 100 (100 largest stocks in the Naz) RUT = Russell 2000 (smaller stocks)  DMA = Daily Moving Average (the moving average over the given time period (20, 50, 100, 200 days normally)). MACD = Moving Average Convergence Divergence (basically a trend indicator) RSI = Relative Strength Index (basically what it sounds like) __________________________________________________________________ Major US equity indices made a couple of attempts at a bounce (once in ...

 EIA - Summary of Weekly Petroleum Data for the week ending Sep 24, 2021    US DoE Crude Oil Inventories (W/W) 24 Sep: 4.578M (est -1.652M; prev -3.481M) - Distillate (W/W): 0.385M (est -1.648M; prev -2.555M) - Cushing (W/W): 0.131M (prev -1.476M) - Gasoline (W/W): 0.193M (est 1.400M; prev 3.475M) - Refinery Utilization (W/W): 0.6% (est 0.5%; prev 5.4%) After eight weeks of draws, EIA follows API with a relatively healthy surprise build this week despite just under 20% of Gulf production still offline. Also saw very small builds in gasoline and distillates (gasoline was less than expected) but much less than API reported. Cushing, where WTI is calculated, had a very small build as well. Overall the result was a the first net build in seven weeks of 10.0mb in all petroleum products (after cumulative draws of around -45mb the previous six weeks) . Total inventories now at 1,851.7 mb incl SPR (SPR had a draw of -0.9mb). Crude - Production increased another 500kbd ...

- US Pending Home Sales (M/M) Aug: 8.1% (est 1.3%; prevR -2.0%; prev -1.8%) - US Pending Home Sales Index (Y/Y) Aug: -8.3% (est-13.8%; prevR -9.6%; prev -9.5%) Pending home sales (which are contract signings not actual transactions so a little more forward looking) which were down -2.0% m/m last week (revised down from -1.8%) bounced back with a big +8.1% increase m/m in August well above expectations for a +1.4% increase.  While below the record highs of late 2020 (down -8.3% y/y) this puts them solidly above pre-pandemic levels.   As this is contract signings, this will later filter through to existing home sales in August and September.  All regions saw m/m increases (all are down y/y due to the almost impossible comps).   Here is some commentary from the report which continues to focus on prices noting the more moderately priced areas have seen better sales of late, but for the first time in months no commentary on limited supply (instead noted it is in...

As We Approach The Open... - 9/29/21 Please excuse typos.  As a side note, after talking with some followers, I'm going to try to make this a little more digestible for those who are not as familiar with the markets, lingo, etc.  Feel free to leave your thoughts in the comments section, they are appreciated. Will start a small glossary at the start also.   SPX = S&P 500 Naz = Nasdaq Composite NDX = Nasdaq 100 (100 largest stocks in the Naz) RUT = Russell 2000 (smaller stocks) DMA = Daily Moving Average (the moving average over the given time period (20, 50, 100, 200 days normally)). MACD = Moving Average Convergence Divergence (basically a trend indicator) RSI = Relative Strength Index (basically what it sounds like) BBG = Bloomberg WSJ = Wall Street Journal _______________________________________________________________________ Surprise, my appointment got moved to next week, so was able to do an opener. As we approach the open of US equity trade in NY, US and E...