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Good Stocks To Invest In Now? 4 Blue Chip Stocks To Buy According To Analysts

Here are four top stocks to buy in the stock market today according to analysts.
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Blue chip stocks are highly valued shares of large, well-established, and financially sound companies. They are called blue chips because they are considered some of the safest and most reliable investments in the stock market. Blue chip stocks tend to be less volatile than other stocks, and they often offer high dividend yields.

For these reasons, blue chips are often favored by conservative investors who are looking for stability and income. While they may not offer the same growth potential as other stocks, top blue chip stocks are an excellent choice for risk-averse investors who are looking for stability and consistent returns. If you’re now keen on researching blue-chip stocks to buy [or avoid] now, here are four to watch in the stock market today.

Blue Chip Stocks To Buy [Or Avoid] Today

1. AutoZone (AZO)

First up, AutoZone Inc. (AZO) is one of the largest retailers and distributors of automotive replacement parts and accessories in the United States. Specifically, the company sells items like automotive replacement parts, chemicals, tools, equipment, and accessories through its AutoZone stores and AutoZone Online. As of today, AutoZone operates over 6,100 retail locations throughout the United States.

AutoZone (AZO) Recent Stock News

On Monday of this week, AutoZone reported a beat for its fourth quarter 2022 financial results. In the report, AutoZone reported Q4 2022 earnings per share of $40.41 per share, with a revenue of 5.3 billion. This came in better than analysts estimated for the quarter, which was earnings of $38.38 per share, and revenue of $5.2 billion. In addition, the company posted a revenue increase of 8.9% during the same period, in 2021.

Bill Rhodes, Chairman, President, and Chief Executive Officer said this in his letter to shareholders, “Our results are a testament to our AutoZoners’ ongoing commitment to delivering exceptional customer service every day.  Our retail business performed well this quarter ending with positive same-store sales on top of last year’s strong performance.  And, our commercial business growth continued to be exceptionally strong at 22%. The investments we have made in both inventory availability and technology are enhancing our competitive positioning.  We are optimistic about our growth prospects heading into our new fiscal year.

Aside from this, today brokerages like Citigroup (NYSE: C), and Jeffries Financial Group (NYSE: JEF) raised their price targets on AutoZone stock. In detail, Citigroup increased its price target on AZO stock from $2,250 per share to $2,520 per share. Meanwhile, Jeffries also raised their price target from $2,350 to $2,450 per share.

AutoZone (AZO) Stock Chart

As of Tuesday mid-morning, shares of AZO stock are up over 1% at $2,120.12 a share. Given its strong quarter, and the street’s reaction, do you think now is a good time to add AutoZone to your watchlist?

AutoZone stock
Source: TD Ameritrade TOS

[Read More] 3 Hydrogen Stocks To Watch In September 2022

2. Apple (AAPL)

Next up, we have consumer tech giant Apple, Inc. (AAPL). This company needs little to no introduction for most, but if you are unfamiliar here’s a brief introduction. Apple is an American multinational technology company. The company designs develop and sell consumer electronics, computer software, and online services. Most notably, a few of Apple’s most popular products are items like the iPhone smartphone, the iPad tablet computer, the Mac personal computer, the Apple Watch smartwatch, and many others.

Apple (AAPL) Recent Stock News

Earlier this month, Apple announced its new product line-up to investors. Specifically, the company announced it will be rolling out a new iPhone® 14 Pro and iPhone 14 Pro Max. In detail, this new iPhone will include additional features such as an Always-On display, and the first-ever 48MP camera on an iPhone, among others. In addition to that, Apple also announced they will be introducing the new Apple Watch® Series 8 and the new Apple Watch SE®.

Additionally, Greg Joswiak, Apple’s senior vice president of Worldwide Marketing, commented, “Our customers count on their iPhone every day, and with iPhone 14 Pro and iPhone 14 Pro Max, we’re delivering more advancements than any other iPhone. iPhone 14 Pro introduces a camera system that empowers every user — from the casual user to the professional — to take their best photos and video, and innovative new technologies like the Always-On display and the Dynamic Island, which offers new interactions for notifications and activities.

Continuing on, just on Tuesday Evercore ISI (NYSE: EVR) reported an outperform rating on Apple. As well as, the brokerage raised its price target on AAPL stock from $185 per share to $190 per share.

Apple (AAPL) Stock Chart

Meanwhile, year-to-date shares of Apple stock are down approximately 13.79% as of Tuesday’s lunchtime session at $156.77 per share. Given Apple’s track record and their new product lineup, is now a good time to add Apple stock to your long-term portfolio?

AAPL stock
Source: TD Ameritrade TOS

3. Norwegian Cruise Line Holdings (NCLH)

After that, let’s move toward cruise line company Norwegian Cruise Line Holdings (NCLH). In brief, Norwegian Cruise Line is the third-largest cruise company in terms of berths globally. For a sense of scale, the company has more than 62,000 berths and operates 29 ships. Moreover, Norwegian Cruise Line operates under three brands, which are Norwegian, Oceania, and Regent Seven Seas. As of May 2022, the company has announced they have redeployed its whole fleet. The company has redeployed its entire fleet as of May 2022.

Norwegian Cruise Line Holdings (NCLH) Recent Stock News

Last month, the company announced its Q2 2022 financial results. In detail, the company reported a second-quarter loss of $1.22 per share, with revenue of $1.2 billion. Meanwhile, analysts’ estimates for Q2 2022 were a loss of $0.87 per share and revenue of $1.3 billion. Additionally, the company closed out the 2nd quarter with $1.9 billion in cash equivalents. This signifies a significant improvement compared to pre-pandemic levels. In fact, NCLH reported a 27,079.1% revenue increase on a year-over-year basis.

Frank Del Rio, President & CEO of Norwegian Cruise Line Holdings said this about the quarter, “We are encouraged by the continued strong consumer demand we are experiencing which is reflected in our record pricing, accelerating booking volumes, especially for 2023 and beyond, and highest ever onboard revenue generation. Having emerged from the pandemic and returning to more normal operations, we remain steadfast in our strategy and commitment to protect our brands’ positioning and industry-leading pricing, which we firmly believe is the best way to maximize long-term value for all our stakeholders.

On Tuesday, the company received an upgrade from hold to buy from Truist Financial (NYSE: TFC). The brokerage raised its price target on NCLH stock from $18 to $19 per share, representing a 23.94% upside.

Norwegian Cruise Line Holdings (NCLH) Stock Chart

Since the start of 2022, NCLH stock has fallen by over 30% at $15.45 per share as of Tuesday afternoon’s trading session. However, over the last month of trading action, shares of Norwegian Cruise Line stock have recovered by approximately 23.11%. All in all, do you think now is a good time to invest in Norwegian Cruise Line Holdings?

NCLH stock
Source: TD Ameritrade TOS

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4. Humana (HUM)

Last but not least, Humana Inc. (HUM) is one of the largest health insurance companies in the world. In detail, the company offers a variety of health plans, including individual and family plans, as well as Medicare and Medicaid plans. Humana also provides a wide range of other services, such as pharmacy benefits management, dental coverage, and vision care. For a sense of scale, Humana currently has over 20 million customers in the United States.

Humana (HUM) Recent Stock News

Last week Thursday, Humana announced mid-term adjusted earnings per share target of $37 in 2025. Meanwhile, the company also raised its full-year 2022 EPS outlook to approximately $25 per share at its most recent investor day. This would represent a 14% compounded yearly growth rate above Humana’s updated full-year 2022 EPS guidance.

What’s more, Bruce D. Broussard, Humana’s President and Chief Executive Officer at Humana had this to say in his release to shareholders, “We are confident in our ability to deliver compelling, sustainable earnings growth, both in the near and longer-term which will continue to drive shareholder value. Our strong competitive positioning and unique capabilities in the highly attractive individual Medicare Advantage market, coupled with the opportunity to scale and further integrate our CenterWell healthcare services capabilities, positions us for durable leadership in the value-based care industry.

On Tuesday, Morgan Stanley (NYSE: MS) upgraded HUM stock from equal weight to overweight. They also raised their price target from $494 per share to $549 per share.

Humana (HUM) Stock Chart

So far in 2022, Humana has outperformed the broader market as shares are up over 8% year-to-date. On Tuesday’s early afternoon trading session, HUM stock is trading up another 1% at $506.07 per share. With this update, will you be adding Humana stock to your list of stocks to watch today?

HUM stock
Source: TD Ameritrade TOS

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The post Good Stocks To Invest In Now? 4 Blue Chip Stocks To Buy According To Analysts appeared first on Stock Market News, Quotes, Charts and Financial Information | StockMarket.com.

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Are Retail Investors Done? Biggest Liquidation Since 2020 As Retail Is Now ‘Selling The Rally’

Are Retail Investors Done? Biggest Liquidation Since 2020 As Retail Is Now ‘Selling The Rally’

When it comes to the stock purchasing (and…

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Are Retail Investors Done? Biggest Liquidation Since 2020 As Retail Is Now 'Selling The Rally'

When it comes to the stock purchasing (and selling) habits of institutional and retail investors, even as the former had aggressively unwound their exposure throughout 2022 with both gross and net leverage at multi-year lows, retail investors showed remarkable stoicism, patience and resiliency. But all that changed in recent weeks, and according to JPMorgan's Peng Cheng, retail traders have now capitulated, not only selling stocks for the second week in a row, but in a stark reversal from their momentum-chasing ways, retail investors sold both the Monday and Tuesday rallies.

  • Specifically, in the past week they net sold - $1.1B (1.9-SD  below 12M average), and more notably they sold the rally on both Monday (SPX +2.59%) and Tuesday (+3.06%). Curiously, they remain buyers in ETFs (+$1.4B) and net bought S&P 500 (+0.7z leverage adjusted) but sold Russell 2000 ETFs (- 2.0z).
  • Retail traders net sold -$2.4B of single stocks. Large cap tech names including AAPL (-$470MM), META (-$134MM), and GOOG (-$128MM), in particular, suffered from heavy selling.

As both retail and gross flows and social media posts show, we are well beyond peak retail enthusiasm and we can now conclude that the distribution phase where institutions sell to retail - which defined markets for much of the past two years - is truly over.

Even more notable is that as the chart below shows, the last two weeks represented the worst selling in single stocks since March 2020 (on the other hand, inflows into ETFs, although showing signs of slowdown, remained positive).

Some more details broken down by industry group and thematic:

  • Large-cap: At the industry group level, volumes were slightly higher, driven by Autos and Consumer Services, partially offset by Tech Hardware. Looking at Large-cap single-stock, retail pared down exposure again this past week (-$2.0B) across most industry groups. We again observed some of the strongest retail selling across Technology, especially Tech Hardware (e.g. AAPL, CSCO). This was partially offset by buying within Autos (e.g. TSLA, RIVN, QS).
  • Thematic: Retail investors again shed exposure this past week across themes, though Green / EV Infrastructure (JPAMIGRN) and Long Rising Oil Beneficiaries (JPAMNRGY) were marginal bright spots. We observed heavier selling across Domestic (JPAMDOME) and Covid-19 Domestic Recovery (JPAMCRDB). On the wage side, we also saw Retail cut exposure to US Wage Growth Sensitive Basket (JPAMWAGG)

Bearish sentiment was also evident in the options market. According to JPM, retail traders sold -$1.0B of delta and bought $520MM of gamma this past week. They supplied -$1.3B of delta on SPX/SPY, QQQ, and IWM, mostly via put option buying.

Finally, just to make things "interesting", here is the latest confirmation that anyone trying to make even a little sense of the market is destined for catastrophic failure: as noted above, JPM said that "retail investors sold the rally on both Monday and Tuesday."

Well, one look at VandaTrack's latest weekly research shows that "retail investors have been chasing the last two days rebound by buying US$ 860 mn worth of US securities on Monday and US$ 960 mn on Tuesday. A considerable amount given that they are usually contrarian and reduce their purchases during rallies. We expect this trend to continue and foresee a slowdown in inflows if the rebound will fade; however, we could see a ramp up in purchases if the rally gains traction."

And while retail investors may have bought... or sold... stock in during the latest meltup, depending on whose "research" one reads, one thing is clear: the recent sell-off in retail favorites such as AAPL and TSLA has had a large impact on retail portfolios’ performance and as of yesterday, the average retail portfolio’s relative drawdown is again close to -32% and has started to underperform the S&P 500 again.

As Vanda notes, "additional losses will be both financially and psychologically hard to handle for the average retail trader", and the greater the eventual drawdown, the less likely retail will be to rush into the next dip and buy it.

Tyler Durden Thu, 10/06/2022 - 15:39

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What Is the New York Stock Exchange and What Does It Do?

What Is the New York Stock Exchange in Simple Terms?With more than 2 billion shares trading hands each day, the New York Stock Exchange (NYSE) is the world’s…

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The New York Stock Exchange is located on Wall Street in New York City.

wdstock from Getty Images Signature; Canva

What Is the New York Stock Exchange in Simple Terms?

With more than 2 billion shares trading hands each day, the New York Stock Exchange (NYSE) is the world’s largest exchange for securities trading, which is the buying and selling of debt or equity, such as stocks and bonds. The NYSE is located in a historic building in the heart of New York City’s financial district at 11 Wall Street.

The NYSE was known for centuries as the "Big Board" because brokers would use an auction-based system to buy or sell shares of stock from its trading floor, and share prices were updated throughout the day on a large board that traders could see from the trading pit. 

A ringing bell signaled the beginning and the end of the trading day. The opening bell signaled the start of the trading day at 9:30 AM, and the closing bell happened at 4:00 PM, marking the end of the trading day. Trades at the NYSE took place on an actual trading floor up until the onset of the COVID-19 pandemic, when everything moved online; floor trading resumed for vaccinated brokers in May 2021.

Is the NYSE a Stock Exchange or a Stock Index?

The NYSE was a privately-owned exchange, or a place for trading, from its inception in the late 1700s until 2006, when it was bought by Intercontinental Exchange, which took shares public. Its ticker symbol is ICE.

However, since the New York Stock Exchange is the world’s largest trading exchange, with over 80% of the S&P 500 companies trading on it, the NYSE Composite, made up of 2,000 stocks listed on the NYSE, has come to be known as a benchmark stock market index. Glancing at how it’s doing gives investors a sense of the overall health of the financial markets. An exchange-traded fund (ETF) based on the NYSE Composite was introduced in 2004; its ticker symbol is NYA.

In addition, the New York Stock Exchange owns a smaller stock exchange, the American Stock Exchange, which it acquired in 2008. Now known as the NYSE American, it is where small-cap companies trade on lower volumes.

What Does the New York Stock Exchange Do? Who Works There? How Does It Make Money?

The NYSE has two purposes:

1. It facilitates buy-and-sell trades of securities.

2. It enables companies to raise capital by selling stock.

The NYSE was originally founded as a space exclusively for securities trading under the Buttonwood agreement in 1792. Prior to that, traders had to sell securities alongside commodities like coffee and tobacco and often had to do so outside, in rain and snow, which is how they got the nickname curbstone brokers.

The Buttonwood Agreement also established regulations and set standard commission fees that brokers could charge clients. Now, with a roof above their heads, traders could call out buy and sell orders from the trading floor; those transactions would be recorded, which provided a level of transparency as well as liquidity that before had not been possible. It was the beginning of efficient market operations as we know them.

Today, computers do most of the buying and selling at the NYSE, although there are still several hundred brokers and traders who shout their orders from the trading pit each day. The scene plays host to dozens of media outlets as well as executives and celebrities who ring the opening bell.

The NYSE makes money through revenues from transaction fees it charges to brokerages, asset-management companies, and market makers. In addition, all members of the NYSE are required to pay yearly membership fees as well as an additional fee to apply.

What Are the New York Stock Exchange’s Hours? Can I visit the NYSE?

The NYSE operates Monday–Friday from 9:30 AM–4:00 PM eastern time. It is closed in observance of the following holidays; when the holiday falls on a Saturday, it closes the Friday before.

  • New Year’s Day
  • Martin Luther King, Jr. Day
  • Washington’s Birthday
  • Good Friday
  • Memorial Day
  • Juneteenth
  • Independence Day
  • Labor Day
  • Thanksgiving Day
  • Christmas Day

The NYSE was open for tours up until the September 11, 2001 attacks; it is no longer accessible to the public.

Which Companies Are Listed in the New York Stock Exchange? How Does a Company Get Listed?

The NYSE lists over 2,000 U.S. and international stocks—for the current lineup, check the directory on its website.

What Is the Difference Between the NYSE and the Nasdaq?

The NYSE and the Nasdaq are both stock exchanges, but the NYSE is much larger. It has a market capitalization of $26 trillion as of 2021, compared with the Nasdaq, which has a market cap of $19 trillion.

In addition, there are several other key differences:

Differences between NYSE and Nasdaq Exchanges

The NYSE sets prices through an auction market, which means that shares are bought directly by buyers from sellers, and share prices are set based on the highest price a bidder is willing to pay and the lowest price a seller will accept.

The Nasdaq uses a dealer market, which means that buyers and sellers do not interact directly; rather, the trades are handled by a dealer, often a larger brokerage known as a market maker, which maintains inventories of stocks and facilitates trades from its own accounts.

Where Is the New York Stock Exchange at Right Now?

For a live feed of NYSE prices, check out its website.

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Volatility Snaps Near-Term Conviction

Overview:  The markets seem to lack conviction today. Stocks in the Asian Pacific region advanced. Europe’s Stoxx 600 is giving up its earlier advance,…

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Overview:  The markets seem to lack conviction today. Stocks in the Asian Pacific region advanced. Europe’s Stoxx 600 is giving up its earlier advance, and US futures are heavier. Australian and New Zealand bonds played catch-up after the rise in the US and Europe yesterday. Their benchmark yield rose 14 bp and 10 bp, respectively. The US 10-year Treasury yield is firm near 3.77%, while European bonds are narrowly mixed, though Gilts are under pressure. The 10-year yield is up 10 bp to 4.12%. The dollar is mixed with the dollar-bloc currencies, sterling and the Norwegian krone on the weaker side. Those G10 currencies like the euro, Swedish krona, and Swiss franc are barely holding on to gains. Gold snapped a six-day rally yesterday and is a little lower today. It still looks poised to retest $1700. December WTI is little changed against rallying more than 10% in the first three sessions this week. It is near $86.70 after settling last week slightly below $78.75. US natgas is rising for the third consecutive session. Its 1.4% gain follows a 7% increase in the past two sessions. Europe’s natgas benchmark is off 3.1% to offset a good part of yesterday’s 3.5% gain. Iron ore rose for the third consecutive session, but it is flat on the week. December copper is also rising for a third session, but it is up about 3.5% this week. December wheat is extending its slide into a fourth session. It is off about 3% this week after rising 7% over the past two weeks.  

Asia Pacific

Australia reported a smaller than expected trade surplus for August. Exports rose 3% after a 10% fall in July, while imports rose 4% after a 0.5% increase previously. Economists in Blomberg's survey had expected a small decline in imports. The surplus of A$8.3 bln missed the median forecast for a $10 bln surplus and was smaller than July’s nearly A$9 bln surplus. Still, in the first eight months of the year, the average monthly surplus was A$11.1 bln compared with A$10.2 bln in the same period last year. In Jan-Aug period in 2019, the average monthly trade surplus was A$5.7 bln.

Japan weekly portfolio flow data showed that into the end of the fiscal half year, Japanese investors continued to divest foreign bonds. Japanese investors some JPY886 bln of foreign bonds. This bring brings the four-week total JPY3.3 trillion (~$23 bln). Japanese investors bought foreign equities for the third consecutive week for a cumulative total of JPY876 bln (~$6.1 bln). Meanwhile, foreign investors continued to be significant sellers of Japanese bonds. They sold JPY1.56 trillion in the last week of September to bring the four-week total to a whopping JPY6.4 trillion (~$45 bln). This appears to be a record outflow. Foreign investors were net sellers of Japanese stocks for the sixth consecutive week. Over the past four-weeks, they sold JPY2.6 trillion ($1.8 bln), the most in six months.

The US dollar recovered from yesterday's seven-day low against the yen (~JPY143.55) to JPY144.70. It remains firm, though in a narrow range and has not traded much below JPY144.40. Market participants continue to seem uncomfortable buying dollars above JPY145.00. The Australian dollar tried to extended yesterday's recovery off the $0.6415 area and made it $0.6540 before being turned lower. It traded to around $0.6480 in the European morning and could slip a little more. There are options for almost A$600 mln at $0.6475 that expire today. We assume they have been neutralized. The intraday momentum is oversold, suggesting a better tone is possible in North America. The base around $0.6400 looks firm. China's mainland markets remain closed for the Golden Week holiday. The US dollar fell to almost CNH7.0125 yesterday and has steadied today, remaining within in yesterday's range. Recall that it settled September (the last day mainland markets were open) near CNH7.1420. 

Europe

German factory goods fell 2.4% in August, more than three-times more than expected. On the other hand, the July series was revised sharply higher (+1.9% from -1.1%) on the back of large aerospace orders, according to the government, which looked like foreign orders. Domestic orders fell 3.4% in August after dropping 3.7% in July. Foreign orders fell 1.7% in August but rose 6.0% in July. Orders from the eurozone rose 4.5% in July and fell 3.8% in August. Separately, the construction PMI fell to 41.8 from 42.6. It has not been above the 50 boom/bust level since March. Tomorrow, Germany reports August retail sales (median in the Bloomberg survey calls for a 1.2% decline) and industrial output (expected to fall by 0.5% after a 0.3% drop in July. Note that the eurozone's aggregate retail sales were reported today. While the 0.3% decline was expected July's 0.3% gain was revised to a 0.4% decline.

A week ago, S&P lowered the outlook of its AA UK rating. However, this seemed to be catch-up as both Fitch and Moody's had the credit as the equivalent of AA-. Today, Fitch puts cut its outlook to negative, reflected the unfunded tax cuts. We await today's report, but on Tuesday and Wednesday the. BOE did not buy any bonds. This emergency program to address what had appeared as a threat to financial stability is to conclude at the end of next week. The concern is what is going to happen afterwards. The BOE's program aimed at the long-end of the curve. The UK's 30-year bond yield was around 3.5% in the middle of September. The yield jumped to almost 5.0% on September 27 as the market reeled from the mini-budget and the forced liquidation. The BOE stepped in and at the end of last week, the 30-year Gilt yield was about 3.82%. However, it has risen each session this week and now stands a little above 4.25%. Many expect the BOE to address this may either a new permanent facility and/or some other measures, including, perhaps, delaying further when it intends to sell bonds that it bought during the pandemic.

Parity capped the euro over the past two sessions. The euro was sold to $0.9835 yesterday and has recovered to trade in about a quarter-cent range on both sides of $0.9900. While the range can extend in North America, we suspect that the proximity of tomorrow's US jobs data is conducive to a consolidative tone. The $0.9950 area may offer a nearby cap. Similarly, sterling encountered strong resistance near $1.15 and was sold to almost $1.1225 yesterday. It recovered to a bit more than $1.1350 yesterday in North America and extended it a bit further today (~$1.1385). It retreated a cent by early European trading and found support near $1.1280. The intrasession momentum indicator is turning ahead of the North American open.

America

Yesterday's data prompted the Atlanta Fed's GDPNow to lift its Q3 estimate to 2.7%, the highest so far in the quarterly cycle. The strong dollar is expected to hurt US exports, but real (adjusted for inflation) have been strong. In August, real exports rose by about $2.8 bln while real imports fell by $1.4 bln. Net exports could contribute 2-3 percentage points to Q3 GDP. A combination of factors drove this, and it probably will not be repeated in Q4.

It seems rich for many observers to say that OPEC+ decision to cut output is a snub against the US. The Federal Reserve's monetary policy is making it more difficult for many countries but few of the OPEC+ critics want the Federal Reserve to sacrifice its domestic mandate,  The OPEC+ decision may be short-sighted, as the White House claims,  these countries pursuing what they think is their national interest. A few years ago, many of these critics thought OPEC was dead. Moreover, actions by the US and Europe, such as the embargo on Russian oil and cap on prices, impacts the oil market. The US official comment that the yesterday's decision shows OPEC is aligning with Russia shows a masterful grasp of the obvious. OPEC+ is set to continue through 2024. OPEC was struggling to be the swing producer, partly because of the rise of US production. The answer for the cartel to the competitive challenge was to increase its market share by forming the alliance. Some pundits suggest the US should stop selling weapons to Saudi Arabia and others in OPEC. Yet, what is missing is the understanding that the US does not assist in the defense of the Saudi Arabia or oil pipelines out of a sense of altruism, but because it is understood to be in the US national interest. Should the US really take on the position of Gandhi's mother who would fast (punish herself) when her prodigious son disappointed?  Implicit in Biden's threat yesterday will be to reanimate the NOPEC bill that has been in Congress for some time that would allow lawsuits against OPEC members for manipulated the energy market.

The US reports weekly jobless claims and the Challenger jobs cuts. In the last week in September, weekly jobless claims fell to five-month lows. The JOLTS data, earlier this week (August) disappointed, and tomorrow the national September figures will be reported. The median forecast in Bloomberg's survey calls for an increase of 260k after a 315k increase in August. Today, five Fed officials speak (Kashkari and Mester twice). These Fed officials' views are well known, and indeed, everyone seems to be singing from the same hymn sheet. The market recognizes this, and the implied yield of the December Fed funds futures contract is rising today for the sixth consecutive session.

The US dollar found a bottom against the Canadian dollar in the past two sessions near CAD1.3500. It recovered yesterday and closed above CAD1.3600. It initially pulled back in Asia, as US stocks were bid. It found support near CAD1.3565. The greenback has recovered in the European morning to reach the session high around CAD1.3665. Yesterday's high was just shy of CAD1.37. While taking cues from US equities, note that intraday momentum for the greenback overextended against the Canadian dollar. After a push to almost MXN20.60 in late September, the US dollar has returned to the MXN19.80-MXN20.20 range that has dominated since mid-August. It is in a narrow range (~MXN20.0175-MXN20.1050) today. It appears to have scope to test yesterday's high near MXN20.15. 


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