Market Direction: BULLISH alert issued 02/20/2014
The trading week was capped by a modest pullback on Friday with the Dow losing 140.19 points, the Nasdaq losing 72.78 points and the S&P500 losing 15.21 points. In spite of the pullback on Friday, due to the vacillations over the course of the week, the change in the indices for the week was negligible.
Economic data this past week included durable goods orders which rose this month. New home sales fell 13% declining for the first time since September 2011. Lastly, consumer sentiment rose to 84 reflecting the highest reading since July of last year. There will be a barrage of economic data released this coming week to include 1st quarter GDP, an interest rate decision by the Federal Reserve punctuated by the April jobs report which will be released on Friday.
Economic Calendar: Pending home sales (28), Consumer confidence (29), GDP and FOMC rate decision (30), Initial Claims and Personal income (5/1), and Non Farm Payroll and Unemployment rate (5/2).
Some of the major earnings announcements on deck: ECL, BWLD, HLF, BP, BSX, LUX, MAR, RGR, GRMN, PBI, GSK, WTW, CAH, XOM, SHPG, BJRI, WYNN, RAIL
$tockMarketDirection is in a BULLISH posture. We strongly encourage our many bloggers/followers to monitor positions closely, exercise proper money management strategies and to monitor $tockMarketDirection for ALERTS that we may issue advising of a change in our current posture. Cha-ching.
$tockMarketDirection is in a BULLISH posture. We strongly encourage our many bloggers/followers to monitor positions closely, exercise proper money management strategies and to monitor $tockMarketDirection for ALERTS that we may issue advising of a change in our current posture. Cha-ching.
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