Market Direction: BULLISH alert
issued 6/2/2016
The economy
The stock market had to contend with another range-bound week, which ended on a slightly lower note.
Investors received a few more quarterly reports over the past week with the bulk of the latest batch coming from the retail sector, which is traditionally left for the tail end of each reporting period. All in all, the results were better than feared beating estimates.
In addition to hearing from apparel retailers, market participants received some cautious-sounding quotes from influential fund managers. Carl Icahn said he is "More hedged than ever" while Paul Singer noted that he believes the bond market is broken, and warned of a sharp downturn that could be sudden and would likely ripple through to other asset classes.
Investor participation remained light with an average of 756 million shares changing hands at the NYSE floor per day.
There has been a bit of a shift in rate hike expectations over the past week and the fed funds futures market is once again suggesting that a hike could take place by the end of 2016. The implied probability of a hike in December ended the week at 53.5%.
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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
|
8/19/2016
|
Difference
|
|
17,838.56
|
18,552.57
|
714.01
|
|
4,971.36
|
5,238.38
|
267.02
|
|
2,105.26
|
2,183.87
|
78.61
|
|
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