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Jobs Report Good, Getting Better, Low Interest Rates to Stay for a Long Time, Do Not Fear September in a Presidential Election Year with the Incumbent Running


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The US financial markets will be closed Monday for Labor Day

Friday, Trump Fed Chairman Powell declared the the NFPs employment report for August was “a good one,“and reiterated that the FOMC will keep ultra-accommodative monetary policy (the Fed put) for years to support recovery from the C-19 coronavirus chao and instant recession.

The NFPs (unemployment rate) in August fell to 8.4% from 10.2% in July, and US employers added 1.37-M jobs.

The Fed slashed rates to near Zero in March and has rolled out several lending programs to support businesses and households; it is also buying tens of billions of bonds monthly to keep markets functioning smoothly.

Last week it pledged to aim for inflation to rise moderately above 2% to make up for frames, like the current one, where it is lagging.

Friday, the current Rasmussen Poll revealed that just over 50 of likely voters approve of President Trump’s job performance, with voters equally split on whether they strongly approve of strongly disapprove.

  • 52% in total approve of Trump.
  • 48% in total disapprove of Trump.
  • 42% strongly approve.
  • 42% strongly disapprove.

In the previous poll from Rasmussen, 50% of likely voters said they approved of President Trump’s performance, with 49% disapproving. The last time Rasmussen registered 52% of likely voters approving of President Trump’s job performance was 27 February 2020.

Method: Rasmussen polls 500 likely voters each night, the results from which are reported on a 3-day rolling average basis, for a full sample of 1,500 likely voters, and a margin of error of +/- 2.5%.

Friday, White House economic adviser Larry Kudlow said negotiations on another coronavirus relief bill are continuing, but said the United States can survive the end of the year without another round of aid meant to alleviate economic pain caused by the medical emergency chaos.

Look, we can live with it. We can absolutely live with it,” Mr. Kudlow told the press when asked how comfortable he would be if The Trump White House and Democrats in Congress do not reach a deal by the end of the year.

He added that a “smart, well-targeted” package that includes employment assistance, funding to reopen schools and an extension of small-business loans “would be helpful.”

Economist Bruce WD Barren joined in with this, “Yes, all of the economic indicators appear to be in place. Shortly, the market consolidation of the more speculative high tech stocks will be completed and a return to the more traditional stocks will occur, bringing on a new platform for  a positive response. This will be faster than most have anticipated there is much more to come.”

Stay tuned…

Friday, the major US stock market indexes finished at: DJIA-159.42 to 28123.31, NAS Comp -144.97 to 11313.14, S&P 500 -28.10 to 3426.96

Volume: Trade on the NYSE came in at 960-M shares exchanged

Heffx-LTN’s overall technical outlook for the major US stock market indexes is still Bullish with a Very Bullish bias for the weekended 4 September 2020.

  • NAS Comp +26.1% YTD
  • S&P 500 +6.1% YTD
  • DJIA -1.4% YTD
  • Russell 2000 -8.0% YTD

Looking Ahead: the Consumer Credit report for July and the NFIB Small Business Optimism Index for August will be released Tuesday.

The US financial markets will be closed Monday for Labor Day

Have a healthy weekend, Keep the Faith!

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Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.