COMMENTARY | COLUMNISTS | GEORGE CHAMBERLIN

George Chamberlin's Money in the Morning

A storm of biblical proportions. Believe it or not that is the way a CNBC weather forecaster referred to the slow-moving hurricane, Joaquin. Of course, you would expect nothing less from anyone at CNBC whether they are trying to scare investors or people planning for the weekend. My best guess is the forecaster doesn't know what a storm of biblical proportions really means. Does the concept of 40 days and 40 nights of rain sound familiar? Yes, it will likely rain for a day or two along the eastern seaboard, which will leave it about 38 days short of something biblical.

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It was nice to end Q3 with a 236-point rally for the Dow industrials yesterday, just to show Carl Icahn that stocks still know how to rise. The corporate raider/trader has been warning of "danger ahead" for all the financial markets from stocks to junk bonds and everything in between. To be sure, the last three months have been a real gut check for loyal investors but the overall losses for the markets this year, to coin a phrase, are certainly nowhere near biblical proportions. YTD the Dow is down 8.6 percent, the S&P 500 is off 6.7 percent and the Nasdaq is lower by just 2.5 percent. A couple of good weeks could have us back in positive territory.

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Sam Stovall of S&P Capital IQ, usually the coolest head in the room, points out the stage could be set for an end-of-the-year rally. "Indeed, during the fourth quarter of all years since 1945, the S&P 500 rose in price 77 percent of the time. In 2011, following the 19.4 percent correction that started on April 29 and ended on Oct. 3, the S&P 500 surged 16.8 percent in the final quarter of the year," points out Stovall. This confirms the fact it is impossible to know when and why the next rally will begin.

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Auto sales continued very strong in September, thanks to a late Labor Day. Among the domestic car companies, Ford reported sales up 23 percent, Chrysler up 13.6 percent and GM up 12.5 percent. The average price of a car sold last month was $33,730, up $660 from a year earlier. Add it all up and sales are expected to come in at 17.5 million units in 2015.

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The Labor Department will report tomorrow morning on payrolls in September. The ADP report on Wednesday showed an increase of 200,000 and the government report should be about the same. Still looking for that big breakout month for jobs.

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Speaking of jobs, news that Walmart will be cutting as many as 500 jobs at its Arkansas headquarters has the media in a tizzy. They love bad news about Walmart. If they would do the math they would see the retailer has 2.2 million employees, so the cuts are equal to 0.0025 percent of the company's workforce.

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