Market Direction: BULLISH alert
issued 11/10/2016
Last Week Review: U.S. stocks were up
slightly on the week, but daily moves over the last eight trading days have
been muted as the S&P 500 has not moved by more than 0.4% any day over that
span. Such steadiness is unusual for the stock market, and investors should not
expect the trend to continue much longer. Domestic policy disappointments
combined with rising global tensions could contribute to more normal stock
market volatility this year, with at least one correction and several smaller
dips along the way.
It was a busy week for the market, with a continued heavy volume of corporate earnings reports, as well as several major economic and political events. Wednesday brought the Federal Reserve's interest rate decision, Thursday featured a vote from the U.S. House of Representatives on a new health care bill that seeks to replace the Affordable Care Act, and the week finished with the April jobs report on Friday.
How the market finished last week, the S&P 500 up 0.6%, the Nasdaq up 0.9%, and the Dow up 0.3%.
It was a busy week for the market, with a continued heavy volume of corporate earnings reports, as well as several major economic and political events. Wednesday brought the Federal Reserve's interest rate decision, Thursday featured a vote from the U.S. House of Representatives on a new health care bill that seeks to replace the Affordable Care Act, and the week finished with the April jobs report on Friday.
How the market finished last week, the S&P 500 up 0.6%, the Nasdaq up 0.9%, and the Dow up 0.3%.
This Week: Q1 earnings season is
winding down now and the results remain impressive. With 410 companies (82%) of
the S&P 500 having reported.
The
French presidential election result on Sunday will dominate the agenda for the
week, but we also have the Bank of England’s latest meeting, at which
discussion should focus on the recent strength in the pound and the improvement
in UK economic data. US CPI and retail sales come through at the end of the
week, providing further clues about the US economy and whether it has recovered
from its ‘transitory’ Q1 weakness, as the Fed noted at its most recent meeting.
Economic
Calendar: Import and Export Prices (5/10), PPI (5/11), CPI (5/12), University of Michigan Consumer Sentiment
(5/12), Retail Sales (5/12)
Some of the major earnings announcements on deck: DIS,
MYL, M, TRIP, RGR.
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