PHILADELPHIA – Nationally syndicated host and biblical investing authority Dan Celia discusses the markets and looks ahead to fourth quarter.
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The Fourth Quarter
Celia stated, “We’re getting ready to start the last week of the third quarter already—the fourth quarter starts on Friday. A lot of economic data is coming out this week, some of it important, some of it somewhat insignificant. Durable goods are coming out for the month of August, and this is a very backward-looking number. The number was sitting at a negative one-tenth of one percent and any negative number in durable goods is not good, particularly in the middle of August. I think with improved home builder confidence and permits growing a bit, that should be going up soon.
Consumer Confidence Numbers Coming Out Soon
“Consumer confidence numbers come out soon, which are very significant. The government number is coming out as opposed to the Michigan sentiment number. This is the confidence number that is coming out on Tuesday. Right now, we’re sitting at 113.8, which is a pretty good number, but it was down last month. We’ll see what it looks like when that comes out on Tuesday. On Wednesday, we get the pending home sales number. It was a negative one point eight, almost two percent negative for the month of August, which was very odd. I would suspect it’s not going to be a whole lot better for the month of September. As things come in, I think the markets are going to be somewhat muted. I don't think we’ll see huge swings either up or down. Then on Friday, we get into the volatile month of October, not quite as bad as September traditionally, but nonetheless, a very volatile month as we begin the last quarter of the year.”
