Market Direction Mid Week Update

Market Direction: BULLISH alert issued 6/2/2016

Wall Street closed with modest losses Wednesday as selling pressure on the energy and financial sector coupled with a risk-off trade into Treasury securities left the Dow Jones Industrial Average nearly 40 points lower. The Nasdaq Composite took the brunt of today's pull-back after hitting a record high on Tuesday, as losses in the biotech sector overshadowed gains in internet stocks.

Wednesday's economic data failed to generate any interest despite a better-than-expected increase in the number of jobs available in the U.S. The Job Openings and Labor Turnover Survey (JOLTS) reported a 110,000 increase to 5.624 million from a revised 5.514 million in May, beating expectations for job openings to increase to 5.574 million.

In related markets, gold traded up by nearly $6 per ounce, West Texas Intermediate Crude Oil was down more than 3% per barrel, while brent crude lost 2.5% in value today. Treasury yields were lower across the curve but with 10-year notes outperforming following a successful note auction this afternoon.

Here's where the markets stood at the close: Dow Jones Industrial Index was down 37.39 points (-0.20%). 

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The all-time highs since our initial recommendation to go LONG this market. Here is how the markets have performed:

Stock Market Direction Recommendation (6/2/2016)
Dow	up 783.45 points a 4.39% gain	7/20/16
Nasdaq	up 267.18 points a 5.37% gain	8/9/16
S&P 500	up 82.40 points a 3.91% gain	8/9/16

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