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September 9, 2022 By Peter Boockvar

Succinct Summation of the Week’s Events – 9/9

Positives 1)The August ISM services PMI rose a touch to 56.9 from 56.7 in July and that was above the estimate of 55.3. That puts it about in line with the average year to date of 57.1 and it is the exact same level where it stood in February 2020. Of the 18 industries surveyed, 14 saw growth vs 13 in July, 18 in June and 14 in May. The ISM said “Growth continues, …

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September 2, 2022 By Peter Boockvar

Succinct Summation of the Week’s Events – 9/2

Positives 1)Within the jobs report, the household survey saw a job gain of 442k and a large jump in the size of the labor force of 786k which resulted in a rise in the unemployment rate to 3.7% but for good reason. The U6 survey, also including discouraged workers and those working part time but want full time, rose 3 tenths to 7%. Also of note, ‘job leavers’ as a …

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August 22, 2022 By Peter Boockvar

New Podcast: My interview with Doug Cifu of Virtu Financial

I recently sat down with Guy Adami and Dan Nathan of the On The Tape Podcast where we discussed the market's game of chicken with the Fed. Inside you'll also find my longer interview with Doug Cifu of Virtu Financial where we discuss his business, market structure, execution quality and even the Florida Panthers. I hope you enjoy: On this bonus episode of “On …

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August 19, 2022 By Peter Boockvar

Succinct Summation of the Week’s Events – 8/19

Positives 1)Initial jobless claims totaled 250k, 14k less than expected and last week was revised down by 10k. The 4 week average fell to 247k from 250k last week and vs 248k in the week before. Continuing claims moderated to 1.437mm from 1.455m in the week before. 2)Core retail sales in July exceeded expectations with an .8% m/o/m gain in nominal terms, two …

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August 17, 2022 By Peter Boockvar

Reads like a white paper on stagflation

When it comes to the FOMC minutes, I always just immediately scroll down to the section titled “Participants’ Views on Current Conditions and the Economic Outlook” and skip the staff discussion. After reading the first few paragraphs on the economy, one would think the Fed was ready to cut interest rates until the discussion on inflation begins and then we’re woken …

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August 16, 2022 By Peter Boockvar

BBBY/SPX div yield vs 1 yr T-bill

As I’m watching another meme stock party going on again, this time recycling thru Bed Bath & Beyond, I wanted to give midday context on the insanity in this stock. As of their last 10Q, BBBY has 80mm shares outstanding. Yesterday it traded 165mm shares and as of this 12:30pm writing it has already traded 238mm shares. This is also a good time to point out that …

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August 15, 2022 By Peter Boockvar

Ugly report

The August NY manufacturing index collapsed to -31.3 from +11.1 and well worse than the estimate of +5. That’s the weakest since May 2020 when it was at -48.5. New orders went from +6.2 to -29.6. Shipments dropped by almost 50 pts m/o/m to -24.1. Backlogs fell further below zero at -12.7, its 3rd straight month under. Inventories were down by 8 pts. Employment dropped …

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August 12, 2022 By Peter Boockvar

Succinct Summation of the Week’s Events – 8/12

Positives 1)Headline CPI was flat m/o/m in July and up by .3% m/o/m at the core level, both 2 tenths below expectations. For perspective, the comparisons were 1.3% and .7% in June. Versus last year, the headline gain was up 8.5% vs 9.1% in June and by 5.9% at the core, unchanged with June. Driven by a 7.7% drop in gasoline prices, energy fell by 4.6% m/o/m, though …

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August 11, 2022 By Peter Boockvar

Some important anecdotes/Sentiment

I'm traveling today and tomorrow to the middle of nowhere and will have very sketchy wifi. I'll do what I can with writing. Going thru some earnings calls over the past few days, I was focused on the consumer and the bifurcation we're now seeing. With respect to Disney, a stock we own, I wanted to hear what they had to say about the parks business for coming …

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August 10, 2022 By Peter Boockvar

CPI relief

Headline CPI was flat m/o/m in July and up by .3% m/o/m at the core level, both 2 tenths below expectations. For perspective, the comparisons were 1.3% and .7% in June. Versus last year, the headline gain was up 8.5% vs 9.1% in June and by 5.9% at the core, unchanged with June. Driven by a 7.7% drop in gasoline prices, energy fell by 4.6% m/o/m, though still up 33% …

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About Peter

Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor. Each day The Boock Report provides summaries and commentary on the macro data and news that matter, with analysis of what it all means and how it fits together.

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Disclaimer - Peter Boockvar is an independent economist and market strategist. The Boock Report is independently produced by Peter Boockvar. Peter Boockvar is also the Chief Investment Officer of Bleakley Financial Group, LLC a Registered Investment Adviser. The Boock Report and Bleakley Financial Group, LLC are separate entities. Content contained in The Boock Report newsletters should not be construed as investment advice offered by Bleakley Financial Group, LLC or Peter Boockvar. This market commentary is for informational purposes only and is not meant to constitute a recommendation of any particular investment, security, portfolio of securities, transaction or investment strategy. The views expressed in this commentary should not be taken as advice to buy, sell or hold any security. To the extent any of the content published as part of this commentary may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. No chart, graph, or other figure provided should be used to determine which securities to buy or sell. Consult your advisor about what is best for you.

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