Intraday Market Thoughts

Archived IMT (2008.09.30)

by Ashraf Laidi
Sep 30, 2008 7:50

As US Congress shuts for the Jewish New Year on Tuesday, trading volumes will drop below par and the bailout package speculation will give way to US reports on manufacturing activity, consumer confidence and home prices. The 9am EST release of the S&P/Case Shiller home price index composite 10 index expected to show a 0.7% decline in July to 179 from 180.4 m/m and -17.2% y/y. The 9.45 am release of the Chicago PMI is seen showing a drop to 50 in September from 53.0. Consumer confidence at 10 am EST seen at 55 in September from 56.9. COULD THERE BE A REBOUND IN WALL ST. knowing no Congressional resolution is possible until Thursday o Friday at the earliest? Even if US consumer confidence beats expectations on the upside, it's unlikely to garner much interest given its release prior to the escalation of the crises. .


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