The least volatile September ever?

The least volatile September ever? This month has been calm by historical standards, which is similar to what we’ve been seeing all year in 2017. The average daily intraday closing range on the S&P 500 (from high to low) has been less than 0.4%. Should this average hold over the next couple days, it would be the least volatile September on record; however, it is important to remember that October has historically been the most volatile month. (LPL Research)

Crude is in a bull market. It is official, earlier this week WTI crude oil moved into a bull market – up 20% from the summer lows. Increased optimism over global supply and demand has sparked much of the rally. This has helped energy stocks, which in turn has helped value stocks outperform growth so far in September. The International Energy Agency said global demand growth was very strong in Q2, up 2.4% year over year. (LPL Research)

The Commerce Department says new orders for capital goods increased 0.9%, more than expected, in August. Orders for machinery rose 0.3%. Overall orders for durable goods surged 1.7% as bookings for transportation equipment jumped 4.9%.

The S&P 500 is down 4 and the NASDAQ is down 19. The MSCI international index is lower.

Oil is up 40 cents at $52.53 a barrel.

Gold is flat at $1288 a Troy ounce.

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.

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Financial Focus • September 28, 2017


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