The S&P 500 index on Friday
rallied to a new record high and closed higher. Bullish factors included (1)
the +217,000 increase in U.S. May non-farm payrolls, slightly more than
expectations of +215,000, (2) the unchanged May unemployment rate at a 5-1/2 year
low of 6.3%, better than expectations of +0.1 to 6.4%.
The markets this week will focus
mainly on the battle in Washington over the CR and debt ceiling. The markets
are hoping for a debt ceiling increase before Thursday, which is the date on
which the Treasury has said it will hit the debt ceiling and will only have
about $30 billion left in cash. The CBO has said that the Treasury could start
missing payments.
Economic Calendar: Jobless Claims
(6/12), Retail Sales (6/13), Producer Prices (6/13)
Some of the major earnings
announcements on deck: MCD, NFLX, PLCM.
$tockMarketDirection is in a BEARISH posture. The most recent action in the stock market is suggesting the market direction could change. 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 BEARISH posture. The most recent action in the stock market is suggesting the market direction could change. 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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