“No Great ‘Potholes’ Seen Stopping President Trump Economic Growth Policies”

“No Great ‘Potholes’ Seen Stopping President Trump Economic Growth Policies”

“No Great ‘Potholes’ Seen Stopping President Trump Economic Growth Policies”

$DIA, $SPY, $QQQ, $RUTX, $VXX

JPMorgan Chase & Co. CEO Jamie Dimon expects robust economic growth “may very well continue” because he does not see any “great potholes” stopping it.

Mr. Dimon said in a TV interview Monday hat he cannot tell whether the China trade dispute will be a drag on the US economy.

“I worry about it. But I just don’t know,” Mr. bullishDimon said.

“In America, the economy is quite strong. It’s growing at 3%. And it has been now for a couple of quarters,” he said. “There are no great potholes. So that may very well continue,” he predicted.

“The household is in good shape; people going back to work. FICO [credit] scores are fine. Companies are flush. Tax reform is still a benefit. We don’t have the extreme leverage we had in [2008]. All the lending has been pretty good,” he said.

The US announced last month that economic growth was a bit stronger than initially thought in Q-2, marking its best performance in nearly 4 years and putting the economy on track to hit The Trump Administration’s goal of 3% annual growth, Reuters reported.

GDP increased at a 4.2% annualized rate, the US Commerce Department said in late August in its 2nd estimate of GDP growth for the April-June frame. That was up from the 4.1% pace of expansion reported in July and was the fastest rate since Q-3 of Y 2014.

The economy grew at a 2.2% pace in the January-March frame. The slight upward revision to growth last Quarter reflected more business spending on software than previously estimated and less imported Crude Oil.

Stronger software investment and a smaller import bill offset a downward revision to consumer spending.

President Donald Trump, whose administration has vowed to boost annual economic growth to 3% on a sustainable basis, cheered the revised Q-2 data. “Our country is doing great!” President Trump Tweeted.

The economy expanded 3.2% in 1-H of Y 2018, up from the 3.1% estimated last month. Compared to Q-2 of Y 2017, output increased 2.9% instead of the previously reported 2.8%.

Monday, the US major stock market indexes finished at: DJIA -181.45 at 26562.05, NAS Comp +6.29 at 7993.24, S&P 500 -10.30 at 2919.37

Volume: Trade came in at 855-M/shares exchanged

  • NAS Comp +15.8% YTD
  • Russell 2000 +11.1% YTD
  • S&P 500 +9.2% YTD
  • DJIA +7.5% YTD

HeffX-LTN’s US Major Stock Market Indexes Technical Analysis

Date Symbol Price Technical Analysis Support Resistance
24 September 2018 QQQ 183.19 Neutral (0.24) 182.59 186.74
24 September 2018 DIA 265.62 Very Bullish (0.65) 265.05 None
24 September 2018 SPY 291.99 Very Bullish (0.50) 291.55 293.88

 

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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