Market Direction Week of July 10, 2017©

Market Direction: BULLISH alert issued 11/10/2016

Stock on the Radar (STAR)© was launched 6/19/2017 Sunday evening. When there is a new stock recommendations for the week it is typically made available late Sunday, so investors can prepare to take a position when the market opens Monday for trading.

Last Week Review: China for its part condemned the US for its retreat from globalization, backtracking on climate change, and for stoking geopolitical tensions. Chinese President Xi Jinping also announced his intention to step into the leadership vacuum on those issues. President Trump is scheduled to meet with President Xi on Saturday (7/8); North Korea is expected to be the main topic.

How the market finished last week, the S&P 500 up 0.1%, the Nasdaq up 0.2%, and the Dow up 0.3%.

This Week: The arrival of the latest US earnings season provides the key event next week, as US banks release their latest figures. This will dominate markets as we head into the rest of July.

On the corporate calendar, there are a number of UK trading statements, including retailers, housebuilders and Wetherspoons, that between them should provide further information on how UK consumer spending is faring. US and Chinese consumer price index (CPI) and UK employment figures also provide key data to watch out for.

Sentiment indicators continue to show uncertainty about the market’s direction, and it is still not clear whether the sector rotation out of tech and into financials will continue, the indicators are saying that volatility may moderate. As a result, there is no secondary recommendation but since news stories could drive much of the market action next week, it might be prudent to expect some intraday volatility anyway.

Economic Calendar: JOLTS (7/11), Janet Yellan Speaks (7/12), PPI-FD (7/13), Consumer Price Index (7/14), Retail Sales (7/14)

Some of the major earnings announcements on deck: PEP, DAL, FAST, C, JPM, WFC.

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