Market Direction: BULLISH alert
issued 6/2/2016
The economy
The stock market flirted with its first weekly decline in four weeks, but steady buying interest on Friday helped equities secure yet another round of weekly gains.
Quarterly earnings were in focus throughout the week, but more results will be released in coming weeks with 75.4% of S&P 500 members still due to report their earnings. So far, blended earnings for the second quarter are down 3.6% with energy (-78.2%) and materials (-10.1%) showing the largest blended declines while sectors like telecom services (+6.1%) and consumer discretionary (+8.5%) have shown blended earnings growth.
Next week will feature more quarterly reports, but central banks will be back in the spotlight, starting with a Wednesday policy statement from the Federal Reserve. The Fed will be followed by the Bank of Japan, which will announce the results of its meeting on Friday.
Investors have not shown much concern about the upcoming Fed meeting, considering the fed funds futures market implies just a 2.4% chance of a rate hike being announced on Wednesday. Rate hike expectations for the next two meetings remain subdued while the implied probability of a rate hike in December sits at 47.8%.
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By the numbers the weekly closing index numbers compared
to the initial BULLISH recommendation closing
numbers:
Stock Market Closing Numbers
|
|||
compared to Recommendation Numbers
|
|||
6/2/2016
|
7/22/2016
|
Difference
|
|
17,838.56
|
18,570.85
|
732.28
|
|
4,971.36
|
5,100.16
|
128.80
|
|
2,105.26
|
2,175.03
|
69.77
|
|
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