Market Direction Mid Week Update

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Bank of America Merrill Lynch believes that the S&P can drop by 15% this summer. The indexes inched higher after initially falling on weak Chinese manufacturing numbers.  Encouraging U.S. factory data helped lift stocks.

This is the worst time to buy stocks. Some meaningful indicators are suggesting to lighten up your portfolio and sell some of your positions. Between the range of 2000 and 1964 investors should use this opportunity to sell and move to cash. Our recent bearish alert call was made on 5/19/2016 however it has not manifested any downward pressure on the stock market as of today. If this continues there could be an alert change to the current stock market direction alert.

You never want to fight the trend and if indicators move in the direction to change the current alert we will change our alert position. Some things to be aware of as the market unfold.

Marc Faber , the widely followed market pessimist, see multiple risks that could threaten stock markets. He said Wednesday he thinks the market is fully valued and faces hurdles from a sagging global economy, sluggish earnings and the U.S. presidential election.

"I think stocks are still very vulnerable," the Gloom, Boom & Doom Report publisher told CNBC's "Fast Money: Halftime Report."

 

The three major U.S. averages were up slightly Wednesday but have climbed more than 5 percent each in the last three months. In January, Faber told CNBC that "most stocks" would drop between 20 and 40 percent, which seems "conservative." 

While Faber did not give a specific prediction for where markets would go from here, he said central banks in the U.S., Europe and Japan have "manipulated" stocks. He added they may not sustain their current levels with slow economic growth in the U.S. and around the world.

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