PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia discussed the record highs in the market, the current oil market, and the economic data coming out at the beginning of the week.
“As we look forward to another week in the markets, we saw record highs at the close again,” Celia stated. “I think we hit three record highs in the S&P and NASDAQ last week. Will that continue? I doubt it.”
Celia continued, “U.S. oil firms are slashing Gulf of Mexico output by 91% ahead of this very powerful hurricane Ida. It’ll take a few more days after that to get back online, and that is going to slow production at a time when we need it most. I suspect President Biden is behind this. The government will just call the Organization of the Petroleum Exporting Countries (OPEC) and ask them to ramp up production. Biden now looks to OPEC and seems committed to eliminating America’s oil dominance, at least during his administration.
“Before we think about the economic data coming out this week, we’d better think about last Friday because consumer sentiment came in at 70.3. We were expecting it to be up to 71. We are hanging at extremely low levels, but all eyes are going to be on non-farm payrolls. Non-farm payroll is sitting at 943,000, and the unemployment rate is at 5.4% with the hourly earnings up about a half of a percent. But I think the political atmosphere is going to suck all the wind out of the sails of the economy. And that will likely continue to be the news.”
Celia discusses these and other global and economic headlines on his daily, three-hour “Financial Issues” program, heard on more than 660 radio stations and several television networks nationwide, including FISM.TV, viewed on several post-cable television platforms and online.
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