Market Direction Week of October 17, 2016

Market Direction: BULLISH alert issued 6/2/2016

Last Week Review: Stocks were lower on the week, but markets are holding on to solid gains for the year, albeit on a rockier path more recently. Oil, central bank policies, China and global growth remain the key drivers of the increased volatility. Looking forward, with the spotlight likely to continue to bounce between these issues, more volatility is reasonable.

How the market finished last week, the S&P 500 down 1.0%, the Nasdaq down 1.5%, and the Dow down 0.6%.

This Week: US earnings season moves into full flow this week, as a host of companies from across the stock market announce figures. Tech firms, consumer firms, oil companies and banks all feature, which will provide plenty of direction for the market. This year’s remaining volatility catalysts are earnings season (which has just started), the final presidential debate on 10/19, the 11/2 FOMC meeting, the 11/8 election and the 12/14 FOMC meeting.

The consensus of the indicators say next week will be Moderately Bearish and also Volatile, at least through Wednesday. With few economic reports scheduled for Thursday and Friday, a strong debate showing by Hillary Clinton (the more predictable candidate) could elicit a late-week rally; a strong showing by Donald Trump, the opposite.

Economic Calendar: Industrial Production (10/17), Consumer Price Index (10/18), Beige Book (10/19), Philadelphia Fed Business Outlook Survey (10/20)

Some of the major earnings announcements on deck: NFLX, BLK, HOG, JNJ, ALK.

$tockMarketDirection proprietary model is currently BULLISH. We strongly encourage you to monitor positions closely, exercise proper money management strategies and follow us at $tockMarketDirection for ALERTS we may issue advising a change in the current market direction. Stay tuned and follow us. If you have a testimonial or comment of how this website has helped you we would like to know, write us. Share with a friend. Cha-ching.

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